This review follows a staff-level agreement reached with Ghanaian authorities in April 2025. Successful completion will trigger the release of approximately $370 million, marking the fifth tranche of Ghana’s $3 billion IMF-supported program initiated in 2023.

This anticipated IMF disbursement coincides with significant recent support from the World Bank, which approved $360 million in development assistance last week. Combined, these substantial inflows are expected to significantly enhance Ghana’s foreign exchange reserves, bolster the stability of the Ghana cedi, and reinforce broader macroeconomic gains. The staff-level agreement emerged after thorough discussions in Accra focusing on Ghana’s progress in implementing structural reforms, fiscal consolidation measures, and ongoing debt management efforts.

The Ghana cedi exhibited relative stability through June following gains in April, though occasional pressures surfaced in the foreign exchange bureau market, where rates recently exceeded GH¢12 to the US dollar. Analysts note the Bank of Ghana has moderated its direct interventions in the interbank market, suggesting confidence in current dollar liquidity levels. With the imminent IMF and World Bank inflows, market watchers anticipate the central bank may resume measured dollar sales to support further cedi appreciation and stability in the near term.

Beyond immediate currency support, the $370 million IMF tranche is crucial for closing Ghana’s external financing gap and meeting balance of payments and budgetary requirements. It will also sustain momentum for critical reforms in public financial management, the struggling energy sector, and social protection programs. Economists view these combined inflows as vital for a nation still navigating recovery from the severe economic challenges of 2022-2023, which necessitated debt restructuring and saw inflation surge beyond 54%.

Ghana’s inflation rate has since decelerated sharply, registering 18.4% year-on-year as of May 2025, attributed to improved fiscal discipline and stabilized food supplies. Approval of the fourth review would bring Ghana’s total disbursements under the IMF program to nearly $2 billion. The outcome is keenly anticipated by financial markets, investors, and development partners as a key indicator of Ghana’s continued reform commitment and economic credibility. The IMF Board’s assessment will also provide crucial insights into the projected pace of fiscal consolidation and macroeconomic stability heading towards 2026.