Ghana has surpassed a key milestone under its International Monetary Fund (IMF) programme by boosting its gross international reserves well ahead of schedule. Initially projected to be met by mid-2026, the country reached reserves of $9.3 billion by February 2025—enough to cover four months of imports.

This significant achievement forms part of Ghana’s broader economic recovery plan, supported by the IMF. According to Dr. Benjamin Amoah, a senior lecturer at the University of Ghana Business School, the improved reserves strengthen investor confidence and help stabilise the local currency, the cedi. He urged the government to continue with its fiscal discipline to maintain the momentum.

In a related development, Ghana and the IMF have reached a staff-level agreement on the fourth review of the country’s 36-month Extended Credit Facility programme. Upon approval by the IMF Executive Board, Ghana is set to receive an additional $370 million, bringing total disbursements under the programme to approximately $2.36 billion since May 2023.

The IMF noted that Ghana’s economy grew faster than expected in 2024, with mining and construction driving the gains. Higher export earnings, particularly from gold, and increased remittances also contributed to the surge in reserves.

However, the IMF cautioned that economic progress slowed towards the end of 2024 due to election-related spending increases, inflation spikes, and delays in key reforms.

To address these setbacks, Ghana’s new administration has introduced several corrective policies, including an audit of outstanding government payments and a 2025 Budget designed to rein in expenditure. The budget targets a primary surplus of 1.5% and includes tighter controls on public spending commitments.

IMF officials recently concluded meetings with Ghanaian authorities to review the reform agenda and governance improvements, especially in state-owned enterprises within the gold, cocoa, and energy sectors. The IMF reaffirmed its continued support for Ghana’s efforts to restore economic stability and foster sustainable growth.