The International Monetary Fund (IMF) is set to disburse $360 million to Ghana in early December, following the country’s successful completion of the third review under the Extended Credit Facility (ECF) arrangement.
Speaking at a press conference in Washington, D.C., IMF Director of Communications Julie Kozack disclosed that staff are finalizing preparations for the executive board meeting. “Once the review is completed by the IMF’s executive board, Ghana would have access to about $360 million in terms of disbursement,” she noted, adding that further details on the meeting date will be communicated soon.
Encouraging Programme Performance
Ms. Kozack lauded Ghana’s performance under the IMF programme, particularly its progress in debt restructuring and key macroeconomic indicators.
“Programme performance has been good. There has been, in particular, remarkable progress on debt restructuring,” she said, highlighting that Ghana had met some macroeconomic benchmarks, signaling early recovery.
Notable achievements include:
- Economic growth in the first half of 2024 exceeding IMF projections.
- Declining inflation and improvements in both fiscal and external positions.
However, Ms. Kozack cautioned against policy slippages, emphasizing the importance of maintaining reforms to ensure sustainable macroeconomic stability and debt management.
Looking Ahead
The IMF urged Ghana to remain committed to its reform agenda, especially amidst global and regional economic challenges. “It remains essential to fully restore macroeconomic stability and debt sustainability,” Kozack stressed.
On October 4, 2024, the IMF and the Ghanaian government reached a staff-level agreement on policies and reforms for the third review under the ECF programme. Further details will be outlined in the staff report to be released following the board meeting.
This expected disbursement will bolster Ghana’s economic recovery efforts as it continues to implement reforms to stabilize the economy and rebuild investor confidence.
Source: norvanreports