Ghana has achieved a significant milestone under its International Monetary Fund (IMF) programme by surpassing its gross international reserve target, a year ahead of schedule.
The country’s reserves hit $9.3 billion in February 2025, equivalent to four months of import cover, significantly exceeding the expected target for mid-2026.
This achievement follows a staff-level agreement between the government and the IMF and reflects the country’s improved economic performance, driven largely by robust mining and construction activity, as well as strong exports, particularly gold. The positive development is expected to stabilize the Ghanaian cedi, sending a strong signal to investors about the currency’s resilience.
Dr. Benjamin Amoah, a senior finance lecturer at the University of Ghana Business School, hailed the reserve growth as a positive development for the cedi, reinforcing investor confidence in Ghana’s economic stability. However, he urged the government to continue pursuing debt sustainability measures to further boost reserves and long-term economic resilience.
The IMF’s recent review also pointed to a notable improvement in the external sector, particularly in exports and remittances, which have contributed to an unexpected surge in international reserves. However, the IMF flagged fiscal challenges in 2024, including a large accumulation of payables and inflation exceeding programme targets. Despite these setbacks, the government has taken steps to address policy slippages, including a comprehensive audit of payables and a revised 2025 budget targeting a 1½ percent primary surplus.
The IMF also praised the government’s structural reforms, particularly efforts to enhance governance, transparency, and the management of State-Owned Enterprises in critical sectors like gold, cocoa, and energy. Discussions with key figures, including Finance Minister Ken Ofori-Atta and Bank of Ghana Governor Dr. Johnson Asiama, have focused on these reforms, which are central to ensuring Ghana’s continued economic progress.
This achievement places Ghana on a stronger footing as it prepares for the final phases of the IMF-supported programme, with access to additional financial support once the Executive Board review is completed. However, the IMF remains cautious, stressing the need for continued fiscal discipline to ensure the country’s long-term economic goals are met.
