The Finance Minister, Dr Cassiel Ato Forson, has announced that Ghana has reached a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) following the successful completion of the Fifth Review Mission under the country’s three-year US$3 billion Extended Credit Facility (ECF) Programme. 

He confirmed this development in a social media post on Friday, October 10.

Dr Forson explained that Ghana had met all six Quantitative Performance Criteria and four Indicative Targets for the review period, describing the milestone as “a powerful validation of the disciplined and comprehensive economic recovery strategy we have pursued over the past nine months.”

Highlighting the progress under President Mahama’s Reset Agenda, the Finance Minister pointed to strong economic outcomes. 

“Economic growth has accelerated, with non-oil sectors, where most jobs are created, showing impressive expansion. 

Inflation has fallen sharply, returning to single-digit levels, while interest rates have declined significantly,” he said. He added that the Ghana cedi had demonstrated “notable strength and stability,” while fiscal consolidation had produced “a budget surplus and a substantial reduction in public debt.”

On Ghana’s debt restructuring process, Dr Forson noted that significant progress had been made with bilateral creditors and pledged that all outstanding agreements would be concluded before the ECF programme ends. 

He further indicated that the IMF Executive Board is expected to consider Ghana’s Fifth Review by the end of December 2025. 

Approval would trigger a disbursement of US$385 million, raising total disbursements under the programme to US$2.6 billion.

The Minister concluded his post by expressing appreciation on behalf of President Mahama to the Ghanaian people for their patience and resilience. 

“Finally, I wish to extend my sincere gratitude to the people of Ghana for their patience and resilience throughout this journey. I also thank the IMF mission team for their constructive engagement and tireless work,” he stated.