The International Monetary Fund (IMF) has officially backed Ghana’s decision to implement a GH₵1 per litre levy on refined petroleum products, effective June 16, 2025. This measure is part of an amended Energy Sector Shortfall and Debt Repayment Levy aimed at curbing a deepening financial crisis in the nation’s energy sector.

Ghana is currently facing a staggering GH₵2 billion monthly energy deficit and a US$3.7 billion debt burden, with over US$1.7 billion owed to Independent Power Producers. A significant portion of the strain comes from the country’s dependence on thermal energy and the annual US$1.1 billion cost of liquid fuels not factored into electricity tariffs.

IMF Director of Communications, Julie Kozack, described the levy as a critical step in helping Ghana meet its fiscal goals under the current bailout program. She also noted the recent strengthening of the cedi, signaling possible future adjustments to the program.

Pending IMF board approval, Ghana is expected to receive a US$370 million disbursement in early July 2025.