Ghana is poised to receive an additional $360 million from the International Monetary Fund (IMF), as the Bank’s Executive Board prepares to review and approve the country’s third programme assessment on December 2, 2024.
The IMF’s Executive Board calendar indicates a meeting in December to evaluate Ghana’s third assessment under its $3 billion Extended Credit Facility (ECF).
Julie Kozack, IMF Communications Director, confirmed to the Ghana News Agency that staff are preparing for the upcoming meeting. Since the start of the ECF arrangement, Ghana has consistently met the required indicators, ensuring the approval of previous reviews.
“Once the review is approved by the IMF Executive Board, Ghana will have access to about US$360 million in disbursements,” Ms. Kozack said in a press briefing.
This follows the staff-level agreement reached between Ghana and the IMF Mission team in October 2024, where Ghana’s performance under the ECF programme was deemed “satisfactory.”
The approval of the third review will unlock the US$360 million disbursement, bringing total disbursements since May 2023 to Special Drawing Rights (SDR) 1,441 million (approximately US$1.92 billion).
Commenting on Ghana’s progress under the loan-supported agreement, Kozack noted, “The programme’s performance has been good. There has been remarkable progress on debt restructuring.” She added that economic growth in the first half of 2024 exceeded expectations, inflation had decreased, fiscal improvements were evident, and the country’s external positions had strengthened, reflecting positive overall performance.
“Looking ahead, what will be important for Ghana is the continued implementation of the policy and reform agendas, especially given the difficult situation that many countries in the region and globally face,” she said.
Ms. Kozack emphasised that continuing these efforts would be crucial for fully restoring macroeconomic stability and ensuring debt sustainability, which are the primary goals of the three-year programme.
“We will, of course, have further updates on Ghana when we release the staff report after the board meeting takes place,” she said.
