Finance Minister, Dr. Ato Forson, has announced that the government has successfully reached a Staff Level Agreement with the International Monetary Fund following the completion of the Fifth Review Mission under the country’s three year US$3 billion Extended Credit Facility Programme.
In a statement shared on social media, Dr. Forson described the development as a powerful validation of the government’s disciplined approach to economic recovery.
“I am pleased to confirm that the Government of Ghana has reached a Staff Level Agreement with the International Monetary Fund following the successful completion of the Fifth Review Mission under our three year US$3 billion Extended Credit Facility Programme,” he wrote.
According to the Minister, Ghana achieved all six Quantitative Performance Criteria and four Indicative Targets during the review period, a performance he said underscores the strength of the country’s ongoing recovery efforts.
“This milestone is a powerful validation of the disciplined and comprehensive economic recovery strategy we have pursued over the past nine months,” Dr. Forson added.
He credited the gains to President John Dramani Mahama’s Reset Agenda, noting visible improvements across several key indicators.
“Economic growth has accelerated, with non oil sectors, where most jobs are created, showing impressive expansion. Inflation has fallen sharply, returning to single digit levels, while interest rates have declined significantly,” he stated.
Dr. Forson also pointed to the stability of the Ghana cedi, a budget surplus, and a substantial reduction in public debt as evidence that fiscal consolidation efforts are working.
On debt restructuring, he revealed that Ghana had made significant progress with bilateral creditors and remains committed to completing all outstanding agreements before the ECF programme concludes.
The IMF Executive Board is expected to consider Ghana’s Fifth Review by December 2025, a decision that, once approved, will unlock a disbursement of US$385 million, bringing total disbursements under the programme to US$2.6 billion.
Dr. Forson ended his statement with words of appreciation to Ghanaians for their patience and to the IMF mission team for their support throughout the process.
“On behalf of H.E. the President, I wish to extend my sincere gratitude to the people of Ghana for their patience and resilience throughout this journey. I also thank the IMF mission team for their constructive engagement and tireless work.”
