The International Monetary Fund (IMF) has indicated that the Ghanaian cedi’s strong appreciation against the US dollar in the first half of 2025 could lead to a revision of some key targets under Ghana’s ongoing IMF-supported programme.
This was disclosed by the IMF Director of Communications, Julie Kozack, during a press briefing in Washington, D.C. Responding to questions on Ghana’s economic performance, Kozack noted that future programme reviews will evaluate recent macroeconomic and financial developments, including the cedi’s significant gains.
“As we look at the programme, we consider all of these developments including, of course, movements in the exchange rate,” she said.
“Our reviews will ensure the programme’s targets and objectives remain appropriate and achievable.”
Ghana’s $3 billion IMF-supported programme under the Extended Credit Facility focuses on three key goals: restoring macroeconomic stability, achieving debt sustainability, and laying the foundation for inclusive, resilient growth.
One major target is to reduce Ghana’s debt-to-GDP ratio to 55% by the end of 2028.
The latest data from the Bank of Ghana shows that as of April 2025, this target has already been met, years ahead of schedule, thanks to the cedi’s strong rally.
The local currency has appreciated by over 40% since the start of 2025, trading at GH¢10.26 to the dollar as of late April, according to Bank of Ghana data.
This sharp gain has had a direct impact on lowering Ghana’s debt-to-GDP ratio, which now stands at 55%.
The cedi’s appreciation has led to a reduction of GH¢150 billion in Ghana’s total debt stock.
Ghana has also exceeded its IMF target for international reserves. As of April 2025, gross international reserves stood at GH¢10.6 billion equivalent to 4.7 months of import cover, well above the minimum requirement outlined in the programme.
Julie Kozack also confirmed that the IMF Executive Board is scheduled to meet in the first week of July 2025 to consider Ghana’s performance.
Upon approval, Ghana is expected to receive a third disbursement of approximately $370 million, bringing total disbursements under the programme to $2.4 billion since May 2023.
Meanwhile, President Mahama has said that Ghana will not seek an extension of the IMF programme when it concludes in May 2026.
