Ghana has received a fresh disbursement of approximately US$367 million from the International Monetary Fund (IMF), following the successful completion of the Fourth Review of the country’s programme with the Fund.
The funds, which were credited to the Bank of Ghana’s (BoG) account on July 9, 2025, come in the wake of the IMF Executive Board’s approval during its meeting in Washington, DC, on July 7, 2025.
This latest disbursement brings Ghana’s total drawdown under the IMF-supported US$3 billion Extended Credit Facility (ECF) programme to about US$2.3 billion since the country signed onto the programme on May 17, 2023.
The immediate impact of the new funds is expected to be felt in the Bank of Ghana’s international reserves, which will see a further boost. This, analysts say, puts the central bank in a stronger position to support the Ghana Cedi against major foreign currencies.
Although some market watchers describe the increase in reserves as marginal, the additional buffer could play a crucial role in sustaining recent gains in cedi stability.
Unlike previous IMF disbursements, which were primarily earmarked for balance of payments support, part of the fourth tranche will be allocated to financing projects within the national budget. According to sources, the Bank of Ghana will exchange the US$367 million for its cedi equivalent and transfer it to the Ministry of Finance, led by Dr. Cassiel Ato Forson, for targeted spending.