IMF Africa Director Hails Ghana’s US$3B Loan

GHANA · ECONOMY

The IMF Africa Director says other countries are now told to follow Ghana’s example. The praise comes less than three months after Ghana completed its US$3 billion IMF loan programme.

The IMF Africa Director, Zeine Zeidane, told Ghana’s finance minister in Bangkok that its US$3 billion IMF programme was “a great success.” “We tell others to follow your steps,” he told Finance Minister Cassiel Ato Forson at the IMF and World Bank Annual Meetings.

Zeidane heads the IMF’s African Department, which oversees the Fund’s work with 45 sub-Saharan countries. For US holders of Ghana’s restructured bonds, his words signal that the Fund now sees Ghana as a success story.

What the IMF Africa Director Told Ghana

MyJoyOnline and 3News, two leading Ghanaian news sites, both reported the meeting on Thursday, 15 October. Neither gives the exact day the two men met during the Annual Meetings, which run from 12 to 18 October.

“Ghana is in a very good place,” Zeidane said, in a quote carried by both outlets and by Asaase Radio. He also praised Ghana’s use of artificial intelligence in customs administration, which collects duties on imports.

Zeidane also welcomed work on state-owned enterprises and on so-called stock-flow adjustments, both outlets reported. Those are changes in public debt that do not show up in the budget deficit, such as arrears or exchange-rate effects.

How Ghana’s IMF Programme Ended

The IMF Executive Board, which represents its member countries, completed the sixth and final review of Ghana’s programme on Monday, 27 July. That released a final payment of about US$371 million, valued at 265.9 million in Special Drawing Rights, the IMF’s accounting unit.

Total payouts under the 39-month Extended Credit Facility, approved in May 2023, reached about US$3 billion. The ECF is the IMF’s main medium-term lending tool for low-income countries, offering cheap loans with long repayment periods.

The IMF’s July statement put real growth at 6% in 2025 and 6.4% year on year in the first quarter of 2026. It recorded headline inflation of 5.4% at the end of 2025 and 5.3% in June 2026.

Gross international reserves nearly doubled to US$11.9 billion by the end of 2025, enough to cover four months of imports. The Fund also upgraded Ghana’s risk of external and overall debt distress to moderate, two years earlier than expected.

The Officials Behind the Praise

Zeidane took over the IMF’s African Department in 2026, having joined the Fund in 2012. He was prime minister of Mauritania from 2007 to 2008 and has also served as governor of its central bank.

Cassiel Ato Forson is Ghana’s finance minister in the government of President John Mahama, who took office in January 2025. His ministry said on Monday, 12 October, that he was leading Ghana’s delegation to the Bangkok meetings.

Background on Forson’s party and government is in Ghana’s key political players. The wider balance of influence is explained in who runs Ghana in 2026.

Forson Expects Growth Above the IMF Forecast

The IMF raised its 2026 growth forecast for Ghana to 5.7% in its October World Economic Outlook. That report was published in Bangkok on Tuesday, 13 October, the second day of the meetings.

Forson said the government expects the economy to grow faster than the Fund projects, both outlets reported. “We are confident we will exceed that projection,” he said in remarks quoted by 3News.

He said the government would keep credibility and discipline in economic management to sustain the recovery. That pledge matters because the loan programme has ended, so discipline must now hold without new IMF money.

What Replaces the IMF Loan

In July, the IMF Board also reviewed Ghana’s request for a 36-month Policy Coordination Instrument, known as a PCI. A PCI carries no IMF money, but Fund staff keep reviewing a country’s policies, which gives lenders an outside check.

The IMF said the PCI focuses on fiscal discipline, revenue collection and oversight of state firms, especially in energy and cocoa. It also covers central bank independence, including moving a domestic gold purchase programme to GoldBod, the state gold trading body.

Ghana has signed debt relief deals with more than half of its bilateral creditors, the IMF said in July. The Fund added that Ghana aims to bring public debt down to 45% of GDP by 2034.

What It Means for US Readers

The United States is the IMF’s largest shareholder, so the Fund’s verdict on its Ghana loan matters in Washington too. For US funds holding Ghana’s restructured dollar bonds, stronger reserves and a moderate debt-risk rating support the country’s ability to pay.

US firms working in Ghana include Denver-based gold miner Newmont and Kosmos Energy of Dallas, an offshore oil producer. For travellers heading to Accra, the IMF remarks change nothing about entry rules or safety advice.

What Is Not Known

Neither outlet gives the exact date of the Zeidane meeting, and no IMF readout of it has been published. The IMF African Department’s press briefing in Bangkok on Thursday had no published transcript when this article was written.

The size of the growth upgrade is unclear, because Ghanaian outlets cite different April IMF forecasts for 2026. The IMF’s online database confirms the new 5.7% figure for 2026, but it does not show the April forecast.

Forson gave no figure for how much faster he expects the economy to grow. The IMF’s July statement also does not say when the first review under the new PCI falls due.

What Comes Next

The Annual Meetings in Bangkok end on Sunday, 18 October, closing a week of talks with the IMF and World Bank. Ghana’s next budget statement will show whether Forson builds his higher growth hopes into official targets.

Zeidane’s praise does not mean new IMF money for Ghana, since the loan programme has ended. It also does not settle the talks with remaining commercial creditors, which the IMF said were still under way in July.

Frequently Asked Questions

What did the IMF Africa Director say about Ghana?

Zeine Zeidane said Ghana’s IMF loan programme was a great success and that Ghana is in a very good place. He added that the Fund tells other countries to follow Ghana’s steps.

What was Ghana’s Extended Credit Facility?

It was a 39-month IMF loan arrangement approved in May 2023, which paid out about US$3 billion in total. The IMF Board completed its sixth and final review on 27 July 2026.

What growth does the IMF now forecast for Ghana?

The IMF’s October World Economic Outlook puts Ghana’s 2026 growth at 5.7%. Finance Minister Cassiel Ato Forson says he expects the economy to beat that figure.

Does Ghana still have an IMF programme?

The lending programme has ended, but the IMF Board reviewed Ghana’s request for a 36-month Policy Coordination Instrument in July. That instrument provides no money but keeps IMF staff monitoring Ghana’s policies.

Why does this matter to US investors?

IMF data show reserves of US$11.9 billion and a moderate debt-distress risk, which support Ghana’s ability to service its bonds. US firms such as Newmont and Kosmos Energy also operate in Ghana.

Sources: IMF: Executive Board completes sixth review of Ghana’s ECF arrangement (27 July 2026); IMF Country Report No. 26/212, Ghana; IMF: Zeine Zeidane, Director of the African Department; IMF DataMapper: Ghana real GDP growth; IMF: 2026 Annual Meetings schedule; Ministry of Finance, Ghana; MyJoyOnline; 3News: IMF Africa Director praises turnaround; 3News: Ato Forson on growth forecast; Asaase Radio (all accessed 15 October 2026).