Ghana Surpasses IMF Reserve Target Early, Strengthening Economic Outlook

Ghana has successfully exceeded a key milestone in its ongoing IMF program, surpassing its gross international reserve target over a year ahead of schedule. As of February 2025, the country’s reserves reached $9.3 billion, providing about four months’ worth of import cover. This milestone was originally expected to be achieved by mid-2026, marking an unexpected but positive development for Ghana’s economic outlook.

This early achievement has sparked optimism among market analysts, who see it as a significant boost to investor confidence. The increase in reserves is expected to help stabilize the Ghanaian cedi in the short term, provided there are no major external shocks to the economy. The country’s central bank, the Bank of Ghana, is anticipated to continue reinforcing its liquidity-tightening strategies.

Further support is expected from the IMF’s upcoming disbursement of $370 million in June 2025, which will aid the central bank in its efforts to maintain macroeconomic stability. These financial inflows will also help bolster Ghana’s reserves, further improving its economic position as the country aims to exit the IMF program with stronger financial buffers.

Despite the positive progress, analysts urge the Bank of Ghana to remain vigilant in its monitoring of foreign exchange markets and ensure tight coordination between fiscal and monetary policies. This proactive approach will be key in anchoring inflation expectations and preventing any speculative actions that could undermine the cedi’s stability.

Source: Citi newsroom