ACCRA, Oct. 10 (Xinhua) -- The International Monetary Fund (IMF) said Friday it has reached an agreement with Ghanaian authorities on the fifth review of the country's economic reform program, paving the way for the possible disbursement of about 385 million U.S. dollars.

Ruben Atoyan, head of the visiting IMF staff team in the capital, Accra, said Ghana's macroeconomic stability had strengthened, with growth in the first half of 2025 exceeding expectations, driven by robust services activity and agricultural output.

He said the external sector had also improved on the back of strong exports, particularly gold and cocoa, enabling a continuous improvement in the accumulation of international reserves, which exceeded the targets set under the country's reform program.

"The positive momentum is expected to continue into 2026, with growth projected at 4.8 percent. Inflation is forecast to remain within the Bank of Ghana's target band of 8±2 percent, allowing for gradual monetary policy normalization," the IMF official said.

He added that Ghana's solid current account surplus would continue to support reserve accumulation, "though external risks remain significant largely on account of lingering uncertainty of commodity prices for Ghana's key exports."

The IMF team also welcomed progress in Ghana's comprehensive debt restructuring efforts, following the signing of a Memorandum of Understanding with the Official Creditor Committee under the Group of 20 Common Framework and the conclusion of bilateral agreements with five countries.

Atoyan added that the agreement is subject to approval by the IMF executive board, which, once granted, will enable the disbursement of the next tranche of funds.

In May 2023, Ghana, as a major exporter of cocoa, gold, and crude oil, launched a three-year IMF-supported program worth 3 billion U.S. dollars to restore macroeconomic stability and revive its struggling economy. ■