IMF Disburses $367 Million to Ghana as Fifth Tranche Under $3 Billion Programme
The International Monetary Fund (IMF) has officially credited $367 million to the account of the Bank of Ghana, following the successful completion of Ghana’s fourth review under its Extended Credit Facility (ECF) programme.
The funds, received on Wednesday, July 9, 2025, represent the fifth tranche of Ghana’s $3 billion bailout agreement, which was approved in 2023. This disbursement is expected to help stabilise the cedi, strengthen Ghana’s external reserves, and support critical government budgetary needs, including balance-of-payment obligations.
This latest release forms part of the broader $3 billion IMF programme aimed at restoring macroeconomic stability and accelerating structural reforms after Ghana’s recent economic challenges, which included spiralling inflation, rapid cedi depreciation, and an unsustainable debt burden.
Ghana’s three-year IMF-supported programme, which began in May 2023, mandates periodic performance reviews to ensure compliance with agreed fiscal, structural, and monetary reforms.
Finance Minister Dr. Cassiel Ato Forson hailed the disbursement as further validation of Ghana’s progress under the programme, adding that the country’s economic rebound efforts are gaining traction both domestically and internationally.
“This new tranche will support our budget operations, enhance foreign reserves, and further help stabilise the cedi as we intensify our efforts to rebuild macroeconomic resilience and return to sustainable growth,” Dr. Forson stated.
The disbursement comes at a critical time as Ghana continues debt restructuring negotiations with external creditors and Eurobond holders under the G20 Common Framework—an essential condition for the IMF programme’s success.
Meanwhile, some economists are urging the government to allocate a portion of the funds to high-impact sectors such as agriculture and infrastructure.
Speaking on the matter, Professor Patrick Asuming, an economist, suggested prioritising agriculture and stalled road projects to bolster long-term growth.
“If I were to suggest, I would say we should use it to support the agric sector and perhaps some road projects that have stalled, because delays in such projects increase costs. Agriculture is central to our economy and must be at the heart of the government’s 24-hour economy agenda,” he recommended.
Ghana’s next IMF programme review is expected later this year, with the government aiming to maintain its reform momentum and meet programme targets.
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