The Government of Ghana has reached a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) under the three-year US$3 billion Extended Credit Facility (ECF) Programme. This follows the successful completion of the Fifth Review Mission.
According to Minister for Finance Dr. Cassiel Ato Forson government achieved all six Quantitative Performance Criteria and four Indicative Targets for the review period.
In a post on Facebook, Dr. Forson described the development as a milestone.
“This milestone is a powerful validation of the disciplined and comprehensive economic recovery strategy we have pursued over the past nine months.”
He credited the achievement to the prudent economic management under President Mahama’s reset agenda
“We are beginning to see strong outcomes from President Mahama’s Reset Agenda: Economic growth has accelerated, with non-oil sectors, where most jobs are created, showing impressive expansion. Inflation has fallen sharply, returning to single-digit levels, while interest rates have declined significantly. The Ghana cedi has demonstrated notable strength and stability, and our fiscal consolidation efforts are yielding results, reflected in a budget surplus and a substantial reduction in public debt.”
“We have also made significant progress in our bilateral debt restructuring efforts and are committed to finalising all outstanding agreements before the end of the ECF programme” He added.
Dr. Forson disclosed that the IMF Executive Board is expected to consider Ghana’s Fifth Review by the end of December 2025.
According to him once the board approval is secured, it will unlock a disbursement of US$385 million, bringing total disbursements under the programme to US$2.6 billion.
The finance Minister expressed appreciation to the people the public for what he terms resilience and patience
“Finally, on behalf of H.E. the President, I wish to extend my sincere gratitude to the people of Ghana for their patience and resilience throughout this journey. I also thank the IMF mission team for their constructive engagement and tireless work.”
