Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has expressed strong confidence that Ghana will successfully exit its current programme with the International Monetary Fund (IMF) by next year, noting that the country is ahead of most targets and benchmarks under the ongoing arrangement.
Speaking during a discussion with Abebe Selassie, IMF’s Director of the African Department, on the sidelines of the IMF/World Bank Annual Meetings in Washington, D.C., Dr. Asiama said Ghana has made significant progress in implementing the necessary reforms to stabilise the economy.
The interaction formed part of the IMF’s Governor Talks Series, which highlighted Ghana’s recent macroeconomic journey amid global shocks and domestic fiscal challenges.
Dr. Asiama’s comments come in response to speculation that Ghana may need to extend its IMF programme to assure investors and development partners of its commitment to fiscal discipline. However, he dismissed such suggestions, stressing that Ghana is on course to meet its reform goals.
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“We should not forget that when this administration took office, there were calls to cancel the programme and doubts about whether we could carry on with it,” he said.“But current developments show that we have delivered and turned things around.”
He added that the Extended Credit Facility (ECF) programme has introduced important structural reforms, particularly those strengthening the Bank of Ghana’s operational independence and monetary policy framework.
Ghana entered the three-year IMF-supported programme in 2023, which is scheduled to conclude in May 2026. So far, the IMF has disbursed over US$2 billion to support the country’s economic recovery.
Economic Recovery Efforts
Dr. Asiama highlighted key fiscal and monetary measures taken to restore stability, noting that the economy the administration inherited was characterised by high inflation and weak confidence.
“We met an economy that was challenged, with high inflation levels, and this was our priority when we took over,” he said.
The Governor explained that the BoG responded with tight monetary policy and enhanced liquidity management. These interventions, he said, helped reduce inflation to 9.4% as of September 2025, down from the double-digit levels recorded in 2023 and 2024.
“Our policies going forward will be data-driven and responsive to developments in the economy,” he added.
Dr. Asiama emphasised that maintaining current inflation levels requires a continuation of sound monetary and exchange rate policies.
Building Reserves and FX Stability
He also highlighted the success of the Gold for Reserves programme, which has significantly boosted the country’s foreign reserves.
Additionally, he revealed that the BoG, in collaboration with the IMF, has designed a structured foreign exchange operations framework to better manage FX flows, reduce volatility, and improve transparency in market operations.
“As these framework changes take hold, they will bring greater transparency to our foreign exchange market and help smooth out volatilities,” he said.
Dr. Asiama concluded by reaffirming the BoG’s commitment to maintaining macroeconomic stability and ensuring that Ghana completes the IMF programme successfully and transitions to a self-sustaining growth path next year.
Story By: Afia Ohenewaa Akyerem