Ghana economy on track to exit IMF programme, according to Dr Johnson Pandit Asiama, Governor of the Bank of Ghana. He expressed confidence during the 2025 IMF-World Bank Annual Meetings that improved key indicators put the country in a position to finish the IMF programme successfully next year.
Dr Asiama said Ghana had “turned the corner,” with inflation declining dramatically from nearly 24% to about 9.4%, while economic growth is now outperforming projections under the IMF arrangement. He attributed the turnaround to disciplined monetary policy, fiscal consolidation, and a bold gold-for-reserves initiative that stabilized foreign exchange conditions.
Speaking at the “Governor Talks” series in Washington, D.C., Dr Asiama noted that coordinated reforms between the Bank of Ghana and the Ministry of Finance, supported by the IMF’s technical guidance, have been critical to the progress. He also highlighted that Ghana’s gross international reserves have strengthened to approximately four and a half months of import cover.
He cautioned, however, that sustaining gains will require continued policy consistency and fiscal discipline. The central bank governor emphasized that Ghana must not become complacent and that rebuilding the bank’s balance sheet remains a priority.
Dr Asiama’s remarks come as Ghana awaits IMF Executive Board approval for the disbursement of ₵385 million tied to the programme’s fifth review. If granted, the funds would raise total disbursements under the Extended Credit Facility to about US$2.825 billion since the programme’s inception in May 2023.
Observers have welcomed the governor’s optimism, noting that the inflation slowdown and reserve build-up address some of Ghana’s most pressing macroeconomic vulnerabilities. Still, analysts warn that external shocks, debt servicing pressures, and revenue mobilization challenges could test whether the country can truly exit the programme as projected.
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