Ghana has achieved a major milestone under its International Monetary Fund (IMF) programme, surpassing a key reserve target more than a year earlier than anticipated.
Following a staff-level agreement between the government and the IMF, recent updates indicate that Ghana’s gross international reserves have already exceeded the benchmark initially set for May 2026.
According to data from the Bank of Ghana, the country’s gross reserves stood at $9.3 billion as of February 2025—providing four months of import cover.
Under the terms of the IMF programme, Ghana was expected to reach this level by mid-2026, signaling strong external sector performance and improved macroeconomic stability.
This early achievement is seen as a major boost to investor confidence and could bolster the stability of the Cedi in the coming months.
Analysts say unless the economy is hit by any major external shocks, Ghana is well-positioned to exit the IMF programme with stronger reserve buffers.
The anticipated disbursement of $370 million from the IMF in June 2025 is also expected to further support the central bank’s efforts to sustain macroeconomic stability.
Market watchers maintain that the Bank of Ghana should continue refining its liquidity-tightening tools while ensuring proactive monitoring of foreign exchange markets to prevent excessive speculation.
Adding that enhanced coordination between fiscal and monetary policies will help anchor inflation expectations and stabilize the Cedi.
