Ghana to receive $1.32 billion from IMF, World Bank to fund 35% of budget deficit

Ghana’s Finance Minister, Dr. Cassiel Ato Forson

|Published 1:10 PM ET, Thursday March 13, 2025|

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced that the country is set to receive $1.32 billion from the International Monetary Fund (IMF) and the World Bank, which will cover approximately 35% of Ghana’s budget deficit for 2025. This funding comprises $720 million from the ongoing IMF program and $600 million from the World Bank. ​

This financial support aligns with Ghana’s ongoing efforts to stabilize its economy and address fiscal challenges. The government has committed to significant spending cuts and structural reforms, including the removal of certain taxes and targeted revenue generation measures, aiming for a GDP growth of at least 4% and an inflation rate of 11.9% by the end of the year. ​

President John Dramani Mahama, who assumed office in December 2024, has expressed intentions to renegotiate aspects of the existing $3 billion IMF program to better suit Ghana’s current economic realities. While acknowledging the program’s role in reducing inflation and returning the economy to growth, he emphasizes the need for adjustments to address ongoing economic hardships and promote sustainable development. ​

The anticipated funds from the IMF and World Bank are expected to bolster Ghana’s fiscal position, supporting the government’s initiatives to revitalize the economy, enhance public services, and improve the overall quality of life for its citizens.

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