Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu has described Ghana’s successful exit from its International Monetary Fund (IMF) programme as a major milestone that reflects strong progress in restoring macroeconomic stability.
She said the completion of the IMF Extended Credit Facility (ECF) programme ahead of schedule demonstrates improvements in key economic indicators, including lower inflation, a stronger cedi, rising foreign reserves, and improved credit ratings.
According to her, Ghana has now transitioned into the IMF’s Policy Coordination Instrument (PCI), a non-financing arrangement designed to sustain reforms, strengthen fiscal discipline, and attract investment.
She emphasised that the focus going forward is to protect the gains made so far, build resilience, and ensure long-term economic growth that benefits all Ghanaians.
An IMF staff team led by Ruben Atoyan visited Accra from April 29 to May 15 to complete the final review of the programme and discuss Ghana’s future engagement under the PCI framework.
The IMF noted that Ghana’s programme has delivered significant stabilization gains, including declining inflation, rebuilt international reserves, improved confidence in the cedi, and stronger fiscal performance. It also highlighted that Ghana’s growth exceeded expectations in 2025, supported by strong economic activity and higher export earnings, particularly from gold.
The Fund further noted progress in debt restructuring efforts, with bilateral agreements reached with several creditors under the G20 Common Framework, while Ghana continues negotiations with remaining partners.
It added that the return of investor confidence has been reflected in the successful resumption of domestic treasury bond issuance.
However, the IMF cautioned that maintaining discipline remains critical, especially in managing debt sustainability, strengthening fiscal transparency, and improving governance within state-owned enterprises.
The Fund also highlighted the importance of addressing risks in key sectors such as energy and cocoa, improving financial sector stability, and reducing non-performing loans.
It stressed that Ghana must avoid past cycles of fiscal imbalance and debt accumulation, and instead maintain reforms that support private sector-led growth and long-term stability.
