Cedi Poised to Strengthen as Ghana Awaits $370 Million IMF Disbursement to Boost Reserves

Ghana’s cedi is expected to remain relatively stable in the near term, supported by the anticipated receipt of $370 million from the International Monetary Fund (IMF) later this month.

This amount represents the fifth installment of Ghana’s $3 billion Extended Credit Facility and is pending approval by the IMF Executive Board, which is set to meet on June 3.

The release follows a successful fourth assessment of Ghana’s economic reform agenda in April and will raise total IMF disbursements under the programme to $2.24 billion.

Bank of Ghana Governor Dr. Johnson Asiama noted that the expected IMF funds, combined with additional financial support from the World Bank, will enhance the country’s foreign reserves, help stabilize the exchange rate, and boost overall economic confidence.

“This funding will be available once approved by the IMF Board. In addition to the $370 million from the IMF, we’re also anticipating further disbursements from the World Bank. These funds should arrive in June and will significantly strengthen our reserves,” he stated.

The IMF programme has been instrumental in supporting Ghana’s post-crisis recovery by offering both financial assistance and technical guidance as the country undertakes fiscal reforms, structural adjustments, and debt management strategies.

These projected inflows are expected to ease short-term pressures on foreign exchange, potentially curbing imported inflation as the mid-year economic period begins.