Ghana has achieved a significant milestone in its IMF program, accomplishing this feat more than a year ahead of the planned timeline.
A recent update following a staff-level agreement between the government and the International Monetary Fund indicates that Ghana’s gross international reserves have surpassed the target set for May 2026.
Data from the Bank of Ghana reveals that as of February 2025, the nation’s gross international reserves reached $9.3 billion, which is sufficient to cover four months of imports.
Initially, the IMF program projected that Ghana would meet this benchmark by mid-2026.
This early success is regarded as a substantial enhancement to investor confidence and may contribute to the stability of the Cedi in the upcoming months.
Experts suggest that, barring any significant external shocks to the economy, Ghana is well-equipped to exit the IMF program with a stronger reserve position.
The expected disbursement of $370 million from the IMF in June 2025 is anticipated to further bolster the central bank’s efforts to maintain macroeconomic stability.
Market analysts emphasize that the Bank of Ghana should persist in refining its liquidity-tightening measures while actively monitoring foreign exchange markets to mitigate excessive speculation.
They also note that improved coordination between fiscal and monetary policies will be crucial in anchoring inflation expectations and stabilizing the Cedi.
