The International Monetary Fund (IMF) has revealed that the sharp appreciation of the Ghanaian cedi against the US dollar in the first half of 2025 could lead to a revision of some of the Fund’s programme targets with Ghana.
The IMF noted that upcoming programme reviews will provide an opportunity for the team to carefully assess the evolving macroeconomic and financial conditions.
Speaking at a press conference in Washington D.C., Julie Kozack, IMF Director of Communications, disclosed this in response to a question posed by JOYBUSINESS.
“As we look at the programme, we look at all of these developments, including, of course, developments in the exchange rate,”
— Julie Kozack, IMF Director of Communications
She added that the reviews will take into account the exchange rate movements to ensure the programme’s targets and objectives remain appropriate and achievable.
Ghana’s economic programme, supported by the IMF under the External Credit Facility (ECF), is structured around three key objectives:
- Restoring macroeconomic stability
- Ensuring debt sustainability
- Laying the foundations for higher and more inclusive growth
One of the central targets is to reduce Ghana’s debt to sustainable levels by 2028, with the Debt-to-GDP ratio expected to reach 55 percent by the end of that year.
According to data released by the Bank of Ghana, as of the end of April 2025, Ghana’s Debt-to-GDP ratio has already declined to 55 percent, ahead of schedule. This improvement has been significantly influenced by the cedi’s strong performance this year.
Data from commercial banks show that the cedi has appreciated by over 40 percent against the US dollar since the beginning of 2025. The Bank of Ghana reports the current exchange rate as GH¢10.26 to the dollar.
President John Mahama, during a recent address at the African Development Bank event in Côte d’Ivoire, disclosed that Ghana’s total debt stock has been reduced by GH¢150 billion due to the cedi’s appreciation.
In another public statement, the President stated that the real exchange rate value of the cedi against the dollar currently falls within the range of GH¢10 to GH¢12.
Ghana has also exceeded the IMF’s target for international reserves. By the end of April 2025, Ghana’s international reserves stood at GH¢10.6 billion, representing 4.7 months of import cover — significantly above the programme requirement.
Madam Kozack further announced that the IMF Executive Board is expected to meet in the first week of July 2025 to review Ghana’s progress under the programme.
Upon approval by the Board, Ghana is expected to receive a disbursement of approximately US$370 million, which would bring the total support under the External Credit Facility to US$2.4 billion since May 2023.
President Mahama has also confirmed that Ghana will not extend the IMF programme beyond its scheduled completion in May 2026.
