The Governor of the Bank of Ghana Dr Johnson Asiama has announced that a $360 million disbursement from the International Monetary Fund (IMF) is expected to be credited to the Central Bank’s account in the first week of June 2025.
The expected inflow follows the successful conclusion of the fourth review under Ghana’s $3 billion Extended Credit Facility (ECF) program with the Fund.
“We expect the funds to hit our account early next month. This will further bolster our reserves and support the ongoing recovery of the economy,” he stated.
The expected disbursement is contingent upon approval by the IMF Executive Board, scheduled to meet on June 3, 2025, once approved it will unlock the release of Special Drawing Rights (SDR) amounting to 267.5 million, equivalent to approximately $360 million.
The incoming funds are expected to further strengthen the Ghanaian cedi, which has recorded a year-to-date appreciation of 24.1% against the US dollar.
Meanwhile, Governor Asiama has dismissed speculation that the Central Bank has set an appreciation threshold for the local currency beyond which it would intervene to weaken the cedi.
“We don’t have such a plan that dictates intervention when the cedi reaches a certain point. While we do not want to see the Ghanaian cedi depreciate excessively, we do not maintain a target rate that we aim to defend aggressively,” he clarified.
He further reiterated that the bank’s approach to exchange rate management is focused on curbing excessive volatility rather than defending arbitrary thresholds.
The IMF cash injection, combined with tight monetary policy and stabilising macroeconomic fundamentals, is expected to cushion the local currency and reinforce confidence in the broader economy as the country continues to implement fiscal and structural reforms under the Fund’s program.
Source: www.ghanaweb.com
