International Monetary Fund (IMF) Mission Chief for Ghana, Dr. Ruben Atoyan, has revealed that Ghana will secure immediate access to its final loan tranche of $318 million directly following the scheduled IMF Executive Board meeting on July 27, 2026.

The disbursement is contingent on the Board officially approving Ghana's sixth and final program review under its Extended Credit Facility (ECF).

Appearing on the PM Express Business Edition with host George Wiafe, Dr. Atoyan emphasized the immediacy of the payout.

"As soon as the board approves Ghana’s final programme, the next day, I will move to sign the payslip for the funds to be released," Dr Atoyan stated.

Final Stages of the Extended Credit Facility

The Mission Chief clarified that despite a recent staff-level agreement reached in Accra, Ghana's ECF program has not officially concluded. IMF staff are currently preparing a comprehensive economic report to present to the Board for the final review. Upon formal approval, the final tranche of over $318 million will be credited to the Bank of Ghana.

Since enrolling in the IMF stabilization program in May 2023, Ghana has received approximately $2.8 billion as of December 2025. A successful sixth review will bring the total amount disbursed under the ECF arrangement to $3.2 billion.

Shift in Funding Strategy and Economic Impact

Unlike past IMF interventions in Ghana that primarily served to cushion the central bank's foreign exchange reserves, the majority of the current ECF funds have been structurally redirected to directly support capital projects outlined in the 2025/2026 national budget.

According to the Fund, the ECF program has yielded substantial macroeconomic stabilization for Ghana. This progress has been driven by aggressive domestic reform efforts and significant milestones achieved in public debt restructuring. The IMF credits the program with:

- A sharp reduction in domestic inflation rates

- Stronger external financial buffers and improved confidence in the Ghanaian cedi

- Measurable advancements in long-term debt sustainability

Dr Atoyan noted that these improvements in Ghana's sovereign debt trajectory have created crucial fiscal space, allowing the government to advance national development objectives without undermining stabilization gains.

However, the Mission Chief cautioned that sustaining this economic recovery depends heavily on the continuous, rigorous implementation of ambitious public financial management policies and structural reforms designed to mitigate risks linked to contingent liabilities.