Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced significant progress in the country’s economic recovery, revealing that Ghana has received $367 million from the International Monetary Fund (IMF) following the successful completion of the fourth review under the three-year Extended Credit Facility programme.
Delivering the 2025 Mid-Year Budget Review on the floor of Parliament, the Minister confirmed that the disbursement, approved by the IMF Executive Board on July 7, 2025, brings total receipts under the programme to $2.3 billion.
“Mr. Speaker, Ghana remains on track with the implementation of the IMF programme. I am confident that we are on course to achieve most of the targets for the fifth review,” Dr. Forson stated.
The fifth IMF review, based on June 2025 data, is he revealed is scheduled for September 2025.
“In a rare and positive turn, Ghana’s public debt has seen a GH₵113.7 billion reduction over a six-month period, falling from GH₵726.7 billion in December 2024 to GH₵613 billion by end-June 2025,” he said.
Dr. Forson described the decline as unprecedented, stating,
“For the first time in Ghana’s history, we have recorded a negative 15.6% rate of debt accumulation. Our debt-to-GDP ratio has also dropped significantly—from 61.8% at end-December 2024 to 43.8% by June 2025.”
The Minister credited the achievement to prudent fiscal management, exchange rate appreciation, and ongoing debt restructuring efforts, highlighting a significant shift in Ghana’s external debt profile.
“Ghana’s foreign debt as a percentage of total public debt declined from 57.4% to 49%, which has greatly improved our debt sustainability outlook,” he added.
Updating Parliament on Ghana’s debt restructuring progress, Dr. Forson noted that the government is actively engaging bilateral and commercial creditors under the G20 Common Framework.
He disclosed that Parliament approved an indicative Memorandum of Understanding (MoU) with official creditors on June 24, 2025, paving the way for individual bilateral agreements to be signed.
“We are ready to sign bilateral agreements with two countries as early as tomorrow, including one with France. In total, four agreements are expected to be signed by close of day,” he said.
On the commercial side, the Minister said the government has signed Non-Disclosure Agreements (NDAs) with several lenders, confirming that $700 million has already been paid to Eurobond holders as part of debt service obligations.
“Domestically, government has paid GH₵9.8 billion in coupons to bondholders under the Domestic Debt Exchange Programme (DDEP), with GH₵3.6 billion of that amount capitalized. Non-DDEP bondholders have also received GH₵1.1 billion,” he revealed.
“Government remains committed to honouring all debt service obligations. Bondholders should rest assured that all outstanding payments will be made as scheduled,” he assured.
Following Ghana’s default on external debt obligations in December 2022, he revealed that creditors froze disbursements for 55 bilateral projects worth $3 billion. However, under the IMF programme and official creditor arrangements, Ghana is now allowed $250 million annually in disbursement for such projects.
To maximise this opportunity, Dr. Forson said government has submitted a priority list of 24 projects to the Official Creditor Committee (OCC) and the IMF.
“Once bilateral agreements are signed, we expect disbursement to resume on the selected projects. This will help revive stalled infrastructure works across the country,” the Minister noted.
The Finance Minister concluded by reaffirming the government’s commitment to economic stability and responsible borrowing.
“We have made substantial gains in a short time. With continued discipline, strategic engagement, and political will, Ghana is firmly on the path to recovery,” he said.
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Source: Comfort Sweety Hayford/ATLFMNEWS
