About US$367 million cash from the International Monetary Fund (IMF) has been credited to the Bank of Ghana’s account today, July 9, 2025.
This is what JoyBusiness has picked up from persons with knowledge of the IMF programme.
It is coming after the Executive Board of the IMF completed the fourth Review of Ghana’s programme with the Fund in Washington, DC, USA, on July 7, 2025.
The development brings Ghana’s total disbursements under the Extended Credit Facility arrangement to about US$2.3 billion.
This might be the fourth tranche of IMF cash that Ghana has received since it singed up onto the Fund programme on May 17, 2023.
Impact of this disbursement
The immediate impact of this disbursement will be the Bank of Ghana’s International Reserves, as it will put it in a strong position to support the local currency.
Even though some have described the increase in the reserves as marginal, it could go a long way to help in stabilising the Ghana Cedi.
The fourth tranche of funds will also be advanced towards supporting some projects in the budget.
This represents a departure from the past when “IMF cash” was primarily set aside for Balance of Payment support for the country.
Sources say the Bank of Ghana will take the US$367 million and give the cedi equivalent to the Finance Minister, Dr. Ato Forson to finance some projects identified in the budget.
IMF Board on Ghana programme
The IMF Board, after approving the US$367 million, argued that the new administration has taken strong corrective measures to address the fiscal impact of 2024 slippages and ensure the fiscal programme remains on track, including achievement of a 1½% of Gross Domestic Product fiscal primary surplus in 2025.
This, the board says will be achieved through additional revenue mobilisation and expenditure rationalisation—while protecting the vulnerable from the impact of policy adjustment.
Several public financial management reforms will ensure alignment of spending commitments to available resources—including by strengthening budget controls and undertaking a comprehensive audit of payables accumulated end-2024.
“Looking ahead, the authorities are committed to sustaining their efforts to bolster financial stability”, the IMF board added
It also added that, the ambitious structural reforms will help create “an environment more conducive to private sector investment, and to enhance governance to boost the economy’s potential and underpinning sustainable job creation”
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