Ghana’s $3 billion International Monetary Fund (IMF) loan-supported programme will proceed without extension if the country follows the planned implementation, Mr. Stéphane Roudet, IMF Mission Chief for Ghana, has said.
He made this statement during a roundtable discussion with Ghanaian journalists on the sidelines of the recently concluded 2025 IMF/World Bank Group Spring Meetings in Washington, D.C., USA.
“There will be no need for programme extension. To be frank, this is not something that we have been discussing with the authorities,” Roudet said while responding to concerns about Ghana possibly failing to meet programme targets.
The observation followed the IMF Staff Mission’s report on the ongoing three-year Extended Credit Facility (ECF) programme, noting a decline in performance by the end of 2024 despite higher-than-expected growth and significant improvement in Ghana’s external position last year.
Fiscal slippages during the election period led to a large accumulation of payables, higher inflation than programme targets, and delays in reforms.
Mr. Roudet explained that since early 2025, the new government has implemented bold measures to address policy and reform slippages and ensure programme objectives are met.
These measures include enacting strong budget and public financial management reforms, tightening monetary policy by the Central Bank, and increasing electricity prices.
He expressed confidence in these actions, stating that the programme’s targets remain “achievable,” and encouraged the government to continue implementing the programme as planned.
“Because of what we have discussed and the deterioration in performance in 2024, the focus in the context of this mission that just took place was very much on what needs to be done to make sure that the programme is on track and to make sure that those objectives are achievable,” he said.
At the Spring meetings, the government assured investors of a stable macroeconomic environment to support business growth and yield higher investment returns.
“The 2025 budget marks a turning point. It is about restoring fiscal responsibility, ensuring debt sustainability, and fostering inclusive growth through job creation and social protection,” said Dr. Cassiel Ato Baah Forson, Finance Minister.
Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), reaffirmed the Bank’s commitment to maintaining price stability while supporting financial system resilience and growth.
He added that the Central Bank would continue its prudent inflation-targeting policy and monetary tightening stance to ensure currency stability and improve reserve buffers.
Source: GNA
