The International Monetary Fund (IMF) Executive Board approved a $360 million disbursement to Ghana under its $3 billion Extended Credit Facility (ECF).
This allocation brings Ghana’s total receipts from the program to $1.92 billion. The funds will be credited to the Bank of Ghana by the end of the week.
The IMF described Ghana’s performance as “generally satisfactory,” citing progress in economic reforms and debt restructuring. It highlighted Ghana’s rapid economic recovery, declining—though gradual—inflation, and improvements in fiscal and external balances.
The IMF praised the government’s public debt restructuring efforts. After restructuring domestic debt in 2023 and signing a memorandum of understanding with the Official Creditors Committee under the G20 Common Framework in June 2024, the government completed an exchange of Eurobonds in line with program targets. Authorities are also advancing talks with external commercial creditors to ensure compliance with program requirements.
The Bank of Ghana has adopted a prudent monetary policy to reduce inflation and rebuild international reserves. It has also implemented measures to strengthen financial sector stability, including promoting bank recapitalization. The government has started recapitalising state-owned banks using available resources.
This approval follows Ghana’s successful third review under the program, announced on Monday, December 2, 2024.
SOURCE; Citinewsroom
