Ghana’s currency is expected to gain further support after about US$365 million from the International Monetary Fund (IMF) was credited to the Bank of Ghana’s account on Monday, December 22, 2025, following the Fund’s approval of the country’s fifth programme review.
The disbursement comes after the IMF Executive Board completed its review of Ghana’s Extended Credit Facility programme in Washington, DC, on December 17, 2025, describing the country’s performance as broadly satisfactory.
With this latest release, Ghana’s total disbursements under the IMF programme now stand at about US$2.8 billion, marking the fifth tranche since the country signed onto the programme in May 2023.
The immediate impact of the inflow will be to strengthen government’s cash position to finance priority projects outlined in the 2025 Budget, while simultaneously boosting external reserves.
Under the programme arrangement, the Bank of Ghana is expected to convert the foreign exchange and provide the cedi equivalent to the Finance Minister, Dr. Ato Forson, for budget execution.
Beyond fiscal support, the inflow is expected to improve dollar liquidity in the forex market, reinforcing the cedi’s recent recovery against the US dollar; recent marginal pressures on the currency—largely driven by higher import demand during the festive season—are temporary and likely to correct as seasonal demand eases.
But some analysts argue that the IMF disbursement also sends a strong signal to the foreign exchange market, underscoring government’s commitment to macroeconomic stability and policy discipline, which could further anchor investor and market confidence.
The IMF Executive Board, in approving the fifth review, noted that Ghana’s macroeconomic stabilisation efforts are gaining traction, citing strong growth and single-digit inflation for the first time since 2021—a development it says reflects improved policy coordination under the programme.
