Ghana has achieved another major step in its economic recovery journey after successfully concluding a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) under the Fifth Review Mission of the US$3 billion Extended Credit Facility (ECF) programme.
Finance Minister Dr. Cassiel Ato Forson confirmed that the government met all six quantitative performance criteria and four indicative targets set for the review period, describing the feat as a “powerful validation” of the disciplined approach pursued over the last nine months.
According to Dr. Forson, the results clearly reflect the impact of President Mahama’s Reset Agenda, which continues to steer Ghana’s economy towards stability and inclusive growth.
“We are beginning to witness tangible results. Growth has picked up strongly, especially in the non-oil sectors that drive job creation,” he said.
Inflation has also dropped to single-digit levels, interest rates have fallen, and the Ghana cedi has shown remarkable resilience and stability. Fiscal consolidation efforts, he added, have produced a budget surplus and a notable decline in public debt.
Dr. Forson revealed that the government has made significant progress in bilateral debt restructuring, and remains committed to completing all pending agreements before the end of the ECF programme.
The IMF Executive Board is expected to consider Ghana’s Fifth Review by December 2025, and its approval will trigger a US$385 million disbursement, bringing total funds received under the programme to US$2.6 billion.
On behalf of the President, Dr. Forson expressed appreciation to Ghanaians for their patience and resilience throughout the reform process, and extended gratitude to the IMF mission team for their support and collaboration.
“This success belongs to the people of Ghana,” he said. “We will continue to stay the course as we build a stronger and more resilient economy for all.”
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