The International Monetary Fund (IMF) has indicated that Ghana’s sharp cedi appreciation against the US dollar in early 2025 could lead to a revision of key programme targets under the country’s Extended Credit Facility (ECF) arrangement.
IMF Director of Communications Julie Kozack stated that future programme reviews will assess macroeconomic and financial conditions, including exchange rate movements, to ensure that targets remain appropriate and achievable.
The cedi’s appreciation—over 40% since the start of 2025—has significantly improved Ghana’s debt-to-GDP ratio, which now stands at 55%, ahead of the IMF’s 2028 target. Additionally, Ghana’s international reserves have exceeded expectations, reaching GH¢10.6 billion, equivalent to 4.7 months of import cover.
The IMF Executive Board is scheduled to meet in July 2025 to review Ghana’s progress. If approved, Ghana will receive $370 million, bringing total IMF support under the ECF to $2.4 billion since May 2023
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