The International Monetary Fund (IMF) has announced plans to review Ghana’s economic programme targets following the unexpected surge in the value of the cedi.
The local currency has appreciated by more than 40% against the U.S. dollar in the first half of 2025, significantly improving Ghana’s economic indicators and prompting calls for updated benchmarks.
In a recent briefing, IMF Director of Communications Julie Kozack confirmed that the Fund is closely monitoring developments in Ghana’s economy and will factor in the currency’s appreciation during the next programme review.
She noted that the exchange rate is an important variable in assessing the performance of the Extended Credit Facility (ECF) programme.
The strengthening of the cedi has allowed Ghana to meet several key targets ahead of schedule. According to official data, the country’s debt-to-GDP ratio has already fallen to 55%, a level initially projected for 2028. Additionally, foreign reserves have risen, providing cover for nearly five months of imports.
President John Mahama attributed a significant reduction in national debt to the cedi’s performance, stating that Ghana’s debt stock has declined by approximately GHS 150 billion. He also noted that the currency now trades within a more stable and realistic range of GHS 10 to 12 per dollar.
These improvements have put Ghana in a stronger position as it prepares for the fourth review of its IMF programme, scheduled for early July. If successful, the country could receive an additional US $370 million, bringing total disbursements under the current agreement to about US $2.4 billion since it began in May 2023.
President Mahama has affirmed that Ghana intends to complete the programme on schedule, with no plans to extend it beyond the May 2026 exit date.
As the IMF prepares to revise the programme targets, analysts suggest Ghana may gain more fiscal space and flexibility in its macroeconomic strategy. However, stakeholders caution that continued discipline will be required to maintain stability and investor confidence in the months ahead.
