The Minister for Finance, Dr. Cassiel Ato Forson, has announced that the government of Ghana has confirmed a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF), following the successful completion of the Fifth Review Mission under their three-year US$3 billion Extended Credit Facility (ECF) Programme.
This milestone comes after the achievement of all six Quantitative Performance Criteria and four Indicative Targets for the review period.
“I am pleased to confirm that the Government of Ghana has reached a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) following the successful completion of the Fifth Review Mission under their three-year US$3 billion Extended Credit Facility (ECF) Programme,” he stated.
In a post on X, he mentioned that this accomplishment serves as a powerful validation of the disciplined and comprehensive economic recovery strategy that they have pursued over the past nine months.
According to him, strong outcomes are beginning to emerge from President Mahama’s Reset Agenda: economic growth has accelerated, with non-oil sectors, where most jobs are created, showing impressive expansion.
The Minister noted that inflation has fallen sharply, returning to single-digit levels, while interest rates have declined significantly.
He further explained that the Ghana cedi has demonstrated notable strength and stability, and their fiscal consolidation efforts are yielding results, as reflected in a budget surplus and a substantial reduction in public debt.
He believes that significant progress has also been made in their bilateral debt restructuring efforts, and they are committed to finalising all outstanding agreements before the end of the ECF programme.
“The IMF Executive Board is expected to consider Ghana’s Fifth Review by the end of December 2025. Once approved, it will unlock a disbursement of US$385 million, bringing total disbursements under the programme to US$2.6 billion,” the Minister assured.
“Finally, on behalf of H.E. the President, I wish to extend my sincere gratitude to the people of Ghana for their patience and resilience throughout this journey. I also thank the IMF mission team for their constructive engagement and tireless work.”
