Ghana’s macroeconomic performance in 2025 has exceeded expectations, with key indicators recording stronger-than-anticipated outcomes, the International Monetary Fund has said.

Speaking on Joy News’ PM Express Business Edition on Thursday, IMF Resident Representative in Ghana, Dr Adrian Alter, said the country’s programme remains solid and on track, following the successful completion of the fifth review under the Extended Credit Facility.

His comments come amid ongoing public debate over whether Ghana’s strong performance under the IMF programme reflects real economic improvement or leniency from the Fund.

Dr Alter rejected that notion, stressing that the Board’s assessment was grounded in results delivered under the programme framework.

“The authorities implemented strong corrective actions in the aftermath of the 2024 fiscal slippages, and the 2025 macroeconomic outcomes have been better than expected,” he said.

Dr Alter disclosed that the IMF Board met on December 17 and approved Ghana’s programme, describing overall performance as “generally satisfactory.”

He said all the indicative and performance criteria targets had been met.

“All indicative and performance criteria targets have been met, and most of the reform agenda has been concluded and implemented,” he said.

The approval unlocked a further disbursement at the end of December, bringing total IMF support under the ECF programme to about $2.8 billion.

“Ghana’s programme remains solid and on track with the fifth review being completed, and disbursement being done at the end of December,” Dr Alter said.

He pointed to broad-based improvements across the economy, noting that inflation slowed faster than projected while economic growth outperformed forecasts.

“Inflation came down faster than expected. Growth exceeded expectations,” he said.

He added that Ghana’s external position had also strengthened during the period.

“Reserves have improved. The currency appreciated and stabilised,” he noted.

According to him, several indicators showed positive results simultaneously, reflecting the impact of policy adjustments and reforms under the IMF-supported programme.

“There are many, many macroeconomic indicators that perform very well at the same time,” he said.

Dr Alter also said progress on Ghana’s debt restructuring had advanced, supporting macroeconomic stability and reinforcing confidence in the programme.