Ghana’s programme with the International Monetary Fund (IMF) remains firmly on track, according to the IMF’s Resident Representative in Ghana, Dr Adrian Alter, following the successful completion of the fifth review under the Extended Credit Facility (ECF) arrangement.
Speaking on Joy News’ PM Express Business Edition on Thursday, Dr Alter disclosed that the IMF Executive Board had concluded its assessment and approved the review, paving the way for additional disbursements and reaffirming confidence in Ghana’s economic recovery trajectory.
“Ghana’s programme remains solid and on track, with the fifth review completed and the corresponding disbursement made at the end of December,” he said. “The IMF Board met on December 17 and approved the programme, categorising Ghana’s overall performance as generally satisfactory.”
Dr Alter revealed that total disbursements under the ECF programme have now reached approximately $2.8 billion.
“All indicative targets and performance criteria have been met,” he noted, adding that “most elements of the reform agenda have been concluded and implemented.”
His remarks come amid ongoing public debate over whether Ghana’s performance under the IMF programme reflects genuine economic progress or favourable treatment by the Fund.
Addressing these concerns, Dr Alter stressed that the IMF’s assessment is based on measurable outcomes and recent policy actions taken by the authorities.
“The authorities implemented strong corrective measures following the 2024 fiscal slippages,” he said, adding that “macroeconomic outcomes in 2025 have been better than expected.”
He highlighted significant improvements across key economic indicators, including inflation, growth, reserves, and currency stability.
“Inflation declined faster than anticipated. Growth exceeded expectations. Foreign reserves strengthened, and the currency appreciated and stabilised,” he explained.
Dr Alter also pointed to progress in Ghana’s debt restructuring efforts, noting that macroeconomic gains have occurred alongside advances in resolving the country’s debt challenges.
“There are many macroeconomic indicators performing very well at the same time that debt restructuring is progressing,” he said.
The IMF’s assessment follows months of fiscal consolidation and structural reforms under the ECF programme, as Ghana continues efforts to restore economic stability after a prolonged crisis.
