IMF Greenlights Ghana’s 4th Review Under ECF, Clears $370M Payout

The Executive Board of the International Monetary Fund (IMF) has approved the fourth review of Ghana’s economic program under the Extended Credit Facility (ECF), allowing for the immediate disbursement of approximately $370 million.

This crucial approval follows Ghana’s successful completion of the required benchmarks and performance criteria under the $3 billion ECF arrangement agreed with the Fund in May 2023. The latest disbursement brings the total released under the program to about $2 billion, reinforcing the country’s reform agenda amid ongoing efforts to stabilize the economy.

In a statement, the IMF commended the Ghanaian authorities for their commitment to fiscal consolidation, structural reforms, and macroeconomic stability, despite challenging global and domestic conditions.

“This disbursement reflects Ghana’s continued progress in implementing the ECF-supported program and its commitment to restoring debt sustainability, rebuilding external buffers, and fostering inclusive growth,” the statement said.

Finance Minister Dr. Cassiel Ato Forson welcomed the approval, describing it as “a positive indicator and a strong vote of confidence in Ghana’s reform program.”

“That’s a major development for Ghana!”, he added.

He emphasized that the funds would support the country’s foreign reserves, enhance economic resilience, and facilitate key social and infrastructure investments.

Banks Assured Of Strong Safety By The Finance Minister

The IMF also reiterated the importance of sustained reforms, particularly in domestic revenue mobilization, public financial management, and state-owned enterprise governance, to ensure lasting economic recovery.

Ghana’s ECF program aims to restore macroeconomic stability, address mounting debt challenges, and lay the groundwork for durable, inclusive growth. The government is expected to continue engaging with official creditors under the G20 Common Framework to advance debt restructuring agreements.