Ghana has reached another major milestone in its economic recovery journey with the successful conclusion of a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF), following the Fifth Review Mission under the country’s US$3 billion Extended Credit Facility (ECF) programme.
Finance Minister Dr. Cassiel Ato Forson confirmed that the government achieved all six Quantitative Performance Criteria and four Indicative Targets for the review period. He described the outcome as a strong endorsement of the disciplined and comprehensive economic strategy implemented over the past nine months.
Also Read: Ghana secures €154 million from Italy to transform agri-food systems
According to Dr. Forson, Ghana is beginning to see tangible results from President John Mahama’s Reset Agenda, which emphasizes fiscal prudence, macroeconomic stability, and inclusive growth.
“Economic growth has accelerated, particularly in the non-oil sectors that generate the majority of jobs,” the minister said. “Inflation has fallen sharply to single digits, interest rates have dropped significantly, and the Ghana cedi continues to show notable strength and stability.”
He added that the country’s fiscal consolidation efforts are paying off, with Ghana recording a budget surplus and achieving a substantial reduction in public debt.
Dr. Forson also announced major progress in Ghana’s debt restructuring programme, noting that bilateral negotiations have advanced considerably. The government, he said, remains committed to finalising all outstanding agreements with its creditors before the ECF programme concludes.
The IMF Executive Board is expected to consider Ghana’s Fifth Review by the end of December 2025. Upon approval, Ghana will gain access to an additional US$385 million, bringing total disbursements under the programme to US$2.6 billion since its inception in 2023.
The minister credited Ghana’s achievements to sound policy coordination and the resilience of the Ghanaian people. “On behalf of President Mahama, I want to thank all Ghanaians for their patience and determination, as well as the IMF mission team for their constructive engagement and tireless support,” he said.
Analysts believe the successful review will further strengthen investor confidence, sustain macroeconomic stability, and enhance Ghana’s access to global capital markets as the country continues its steady path toward full economic recovery.