The International Monetary Fund (IMF) says it may revise some of the targets in Ghana’s current economic programme following the sharp appreciation of the Ghanaian cedi against the US dollar in the first half of 2025.
The possible changes will be based on updated economic data and exchange rate movements as part of the fund’s routine review process.
IMF Director of Communications, Julie Kozack, made the comments during a press briefing in Washington, D.C., stating that the strengthening of the cedi is among key developments under consideration.
“As we look at the programme, we look at all of these developments, including, of course, developments in the exchange rate,” she said.
Kozack further explained that changes in the cedi’s value will be assessed during future reviews to ensure the programme remains on track.
“Exchange rate fluctuations would be evaluated during subsequent reviews to ensure that the programme’s goals remain appropriate and achievable,” she added.
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The IMF programme, supported by the Extended Credit Facility, is centered on three major objectives: restoring macroeconomic stability, achieving long-term debt sustainability, and building a foundation for inclusive growth.
One of its key targets is to reduce Ghana’s debt-to-GDP ratio to 55% by the end of 2028.
According to recent Bank of Ghana data, that milestone has already been reached ahead of schedule.
As of April 2025, the debt-to-GDP ratio stands at 55%, a development largely credited to the cedi’s strong appreciation this year.
Commercial bank data shows the cedi has gained over 40% against the dollar since the beginning of 2025.
By the end of April, the local currency was trading at GH¢10.26 to the dollar, according to figures from the Bank of Ghana.
President John Mahama, speaking at an African Development Bank event in Côte d’Ivoire, said the appreciation has helped cut Ghana’s debt stock by around GH¢150 billion.
In a separate engagement, he also indicated that the cedi’s real exchange rate range lies between GH¢10 and GH¢12 to the dollar.
Ghana has also surpassed the international reserves target set under the IMF deal.
By April 2025, gross reserves stood at GH¢10.6 billion, equal to 4.7 months of import cover, well above the minimum threshold required under the agreement.
Julie Kozack confirmed that the IMF Executive Board is expected to meet in the first week of July 2025 for its next programme review.
“Upon approval by the Executive Board, Ghana would be scheduled to receive about US$370 million, bringing total support under the External Credit Facility to US$2.4 billion since May 2023,” she stated.
President Mahama has also made it clear that Ghana does not intend to extend the IMF programme beyond its official end date in May 2026, signaling confidence in the country’s current economic path.
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