IMF Deal: Government Reaches New Staff Agreement, Set to Get $370 Million in Financial Support
- The government and the International Monetary Fund (IMF) have reached a new staff-level agreement on the bailout programme
- The IMF noted that Ghana’s economy grew more than anticipated in 2024 because of strong performances in the mining and construction sectors
- Stéphane Roudet, the IMF Mission Chief for Ghana, led a review from April 2 to April 15, 2025
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The government and the International Monetary Fund (IMF) have reached a staff-level agreement on the fourth review of Ghana’s three-year Extended Credit Facility.
The agreement will grant Ghana access to approximately $370 million in financial support when approved.
Source: Getty Images
The announcement follows a mission led by Stéphane Roudet, the IMF Mission Chief for Ghana from April 2 to April 15, 2025.
Roudet issued a statement noting that Ghana’s economy grew more than anticipated in 2024, driven largely by robust performance in the mining and construction sectors.
“The external sector has seen a considerable improvement, driven by solid exports—particularly gold and to a lesser extent oil—and higher remittances. As a result, international reserves accumulation has far exceeded the ECF-supported program targets.”
This is in line with previous assertions by the government.
Earlier on March 11, Minister of Finance Dr Cassiel Ato Forson, while presenting the 2025 Budget Statement and Economic Policy to Parliament, attributed the 5.7% GDP growth in 2024 to increased activity in the mining sector, including illegal small-scale mining, popularly known as galamsey.
Ghana ran to the IMF in May 2023 for a $3 billion bailout. The Akufo-Addo administration defaulted on its internal and external debt.
IMF raises concerns about fiscal performance
Despite the positive developments noted, the IMF also said there was a sharp decline in the programme's performance toward the end of 2024.
It noted fiscal slippages ahead of the general elections while inflation overshot programme targets and several key reforms were delayed.
“Inflation exceeded program targets. Several reforms and policy actions were delayed across the fiscal, financial, and energy sectors.”
Source: Getty Images
To address these issues, the IMF noted that the government undertook a series of measures, including the implementation of a more disciplined 2025 budget.
“To address these slippages, the authorities have enacted a 2025 budget that targets a 1½ percent of GDP primary surplus and adopted several public financial management reforms. The latter includes an enhanced fiscal responsibility framework and new rules to tighten expenditure commitments.”
The IMF also welcomed Ghana’s continued progress on its comprehensive debt restructuring efforts.
Ghana currently has a Memorandum of Understanding with its official Creditors Committee (OCC) under the G20 Common Framework.
Ghana is now trying to finalise bilateral agreements to implement the Memorandum of Understanding.
Mahama rules out extension of IMF deal
YEN.com.gh reported that President John Mahama said in February there are no plans to extend Ghana’s current $3 billion Extended Credit Facility with the IMF.
Mahama affirmed recently that his administration is committed to adhering to the existing programme.
Despite this assurance, the president noted that future extensions remain an option.
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Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.
Source: YEN.com.gh
Delali Adogla-Bessa (Head of Current Affairs and Politics Desk) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.
Samuel Gitonga (Copy editor) Samuel Gitonga is a Copy Editor at YEN.com.gh. He holds a Bachelor of Broadcast Journalism Degree from the Multimedia University of Kenya. He has over 7 years’ experience in the digital journalism industry. He started out his career at the Kenya News Agency and proceeded to work for several reputable media outlets in Nairobi.
