The International Monetary Fund (IMF) has signaled a possible adjustment of its economic programme targets for Ghana. This follows the sharp appreciation of the Ghanaian cedi against the US dollar in the first half of 2025.
IMF to Reassess Programme Goals
Speaking at a press briefing in Washington, D.C., IMF Director of Communications Julie Kozack responded to a question from JOYBUSINESS. She noted that upcoming programme reviews will evaluate changes in Ghana’s macroeconomic environment, including exchange rate movements.
“As we look at the programme, we consider all developments, especially the exchange rate,” she said. These reviews will ensure the programme’s targets remain relevant and achievable under current conditions.
Cedi Boost Helps Debt Reduction
Ghana’s economic programme under the IMF focuses on three goals:
A key milestone is reducing the debt-to-GDP ratio to 55% by 2028. The Bank of Ghana reports that, as of April 2025, Ghana has already hit this target, three years ahead of schedule. This progress is largely due to the cedi’s remarkable performance.
Data from commercial banks shows the cedi has appreciated by over 40% against the US dollar since January 2025. It currently trades at GH¢10.26 to the dollar.
President John Mahama also revealed that the stronger cedi has reduced Ghana’s total debt stock by GH¢150 billion. He estimates the real exchange rate currently ranges between GH¢10 and GH¢12 to the dollar.
Ghana Exceeds Reserve Targets
Ghana’s international reserves now stand at GH¢10.6 billion as of April 2025. This covers 4.7 months of imports, surpassing the IMF’s minimum target under the programme.
Next IMF Disbursement Set for July
Julie Kozack announced that the IMF Executive Board will meet in early July 2025 to review Ghana’s progress. If approved, Ghana will receive an additional US$370 million, bringing total support under the Extended Credit Facility to US$2.4 billion since May 2023.
President Mahama recently confirmed that Ghana will not seek an extension of the programme after its scheduled conclusion in May 2026.
