Ghana to receive final US$318 million IMF tranche after July 27 approval

Ghana is expected to receive the final disbursement of about US$318 million from the International Monetary Fund (IMF) immediately after July 27, 2026, pending approval of the country’s sixth programme review by the IMF Executive Board. This was disclosed by the IMF Mission Chief for Ghana, Dr. Ruben Atoyan, during an interview on PM EXPRESS Business Edition with host George Wiafe on May 21, 2026. According to Dr. Atoyan, once the IMF Executive Board gives final approval to Ghana’s sixth review, the funds will be released the following day. He explained that the internal process is straightforward after approval, noting that the release of funds is triggered immediately once the decision is made. He added that IMF staff will soon present a comprehensive report on Ghana’s performance under the programme to the Board for consideration. Ghana has been under the Extended Credit Facility (ECF) programme with the International Monetary Fund since May 2023. Although a staff-level agreement has already been reached in Accra, Dr. Atoyan clarified that the programme is still ongoing until the final review is completed and approved. So far, Ghana has received about US$2.8 billion under the programme as of December 2025. If the sixth review is successfully completed and the final tranche is disbursed, the total financial support could rise to around US$3.2 billion. Funds from the programme have mainly supported government spending priorities outlined in the 2025 and 2026 national budgets. This marks a shift from earlier IMF programmes, where a larger share of funds was used mainly to strengthen the Bank of Ghana’s reserves. The IMF says the programme has helped Ghana make progress in stabilising the economy. These improvements include lower inflation, stronger external financial buffers, improved confidence in the cedi, and better debt sustainability following major debt restructuring efforts. The IMF Mission Chief also noted that Ghana’s debt outlook has improved, giving the government more room to focus on development spending while still maintaining economic stability. However, he stressed that continued progress will depend on consistent implementation of public financial management reforms and efforts to manage fiscal risks. The Bank of Ghana has played a central role in implementing the programme alongside fiscal authorities, especially in maintaining macroeconomic stability and supporting reforms aimed at strengthening the financial system. Overall, the upcoming IMF Board decision is expected to mark the final step in Ghana’s current programme cycle, bringing the arrangement closer to completion while locking in the remaining financial support.