The Board of the International Monetary Fund (IMF) has set July 7, 2025, as the date to consider Ghana’s 4th programme review in Washington, DC, USA.
This is what JoyBusiness has picked up from persons with knowledge of Ghana’s programme with the IMF.
JoyBusiness understands that the government has met almost all the necessary conditions needed for the Board to meet on Ghana’s programme.
Sources say all the documents needed for the Executive Board of the IMF have been sent this week to help meet at least the four-day target, before the Board meets on Monday, July 7, 2025.
The Fund is also taking Ghana’s programme to its Executive Board after the government reached a staff-level agreement on the fourth review of Ghana’s economic programme in April 2025.
Impact on Ghana’s Economy
Sources say the IMF Board will go ahead and pass Ghana on the fourth review when it meets next week.
The development will result in the Fund disbursing some US$370 million, which could hit the Bank of Ghana’s account by July 11, 2025.
The disbursement could bring the total amount that the IMF has disbursed to Ghana under the Extended Credit Facility, since government signed up to the Programme in May 2023, to more than $2.3 billion.
Some analysts have maintained that the development could increase the Bank of Ghana’s International Reserves by the end of July 2025.
This is because some $370 million will hit Bank of Ghana’s account next week, while another $360 million should come from the World Bank to support the economy by the end of July 2025.
IMF Programme Targets
Ghana’s economic programme, supported by the ECF arrangement, has three key objectives: restoring macroeconomic stability, ensuring debt sustainability, and laying the foundations for higher and more inclusive growth.
One of the key targets includes reducing Ghana’s debts to sustainable levels by 2028.
This should result in Ghana’s debt-to-GDP ratio reducing to 55% of GDP by that time.
However, latest data released by the Bank of Ghana showed that as of the end of April 2025, Ghana’s debt-to-GDP ratio had reduced substantially to 55% of GDP.
This is as a result of the cedi’s sharp appreciation against the US dollar for this year.
Data from commercial banks showed that the cedi has appreciated by more than 40% against the US dollar since the beginning of 2025.
President John Mahama during a recent engagement at the African Development Bank in Ivory Coast revealed that Ghana’s total debt stock has gone down by 150 billion as a result of the cedi’s appreciation against the US dollar.
Another critical target that the Ghana has met before the completion of the IMF programme is Ghana’s International Reserves.
Data from the Bank of Ghana’s Economic Report released in May showed that the country’s international reserves ending April 2025 stood at 10.6 billion.
This represented 4.7 months of import cover, way higher than Ghana achieved after the completion of the IMF programe .
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