The International Monetary Fund (IMF) has indicated that the rapid appreciation of the Ghanaian cedi against the US dollar in the first half of 2025 may lead to a revision of some programme targets under Ghana’s economic arrangement with the fund.
The IMF stated that future programme reviews will provide an opportunity to assess evolving macroeconomic and financial conditions.
Julie Kozack, Director of Communications at the IMF, disclosed this in response to a question posed by JOYBUSINESS during a press conference in Washington, DC.
“As we look at the programme, we look at all of these developments, including, of course, developments in the exchange rate,” she said.
She added that the reviews would take exchange rate movements into account to ensure the programme’s targets remain relevant and achievable.
Ghana’s economic programme, supported by the External Credit Facility arrangement, aims to restore macroeconomic stability, ensure debt sustainability, and lay the groundwork for long-term inclusive growth. One of its major goals is to reduce Ghana’s debt burden to sustainable levels by 2028.
The latest data from the Bank of Ghana reveals that Ghana’s Debt-to-GDP ratio has dropped to 55 percent as of April 2025.
This improvement has been attributed to the sharp appreciation of the cedi, which has gained more than 40 percent against the dollar since the beginning of the year. Commercial banks currently value the cedi at GH¢10.26 per dollar.
President John Mahama, during a recent event at the African Development Bank in Ivory Coast, stated that Ghana’s total debt stock has decreased by GH¢150 billion due to the cedi’s strengthening against the dollar.
He further noted that the real exchange rate value of the cedi against the dollar falls within the GH¢10 to GH¢12 range.
Additionally, Ghana has met the IMF’s target for international reserves, which stood at GH¢10.6 billion at the end of April 2025.
This represents 4.7 months of import cover, surpassing expectations set by the IMF prior to the programme’s completion date.
Madam Kozack also announced that the IMF Executive Board is scheduled to meet in the first week of July 2025.
She revealed that upon approval, “Ghana would be scheduled to receive about U.S. $370 million, bringing total support under the External Credit Facility to $2.4 billion since May of 2023.”
President Mahama recently confirmed that Ghana will not extend the IMF programme after its completion in May 2026.
