Ghana is poised to receive a fourth tranche of $360 million from the International Monetary Fund (IMF) in December 2024, pending approval of the third programme review under its $3 billion Extended Credit Facility (ECF).
The IMF Executive Board is scheduled to review Ghana’s third assessment on December 2, 2024.
This follows a staff-level agreement reached in October, which deemed Ghana’s performance under the programme “satisfactory.”
Progress under the ECF Programme
Julie Kozack, the IMF’s Communications Director, highlighted the country’s consistent performance since the programme began in May 2023.
Ghana has met all necessary indicators for approval, enabling continued disbursements.
“With the Executive Board’s approval, Ghana will access an additional $360 million, bringing total disbursements under the programme to approximately $1.92 billion,” Ms. Kozack said during a press briefing.
Ghana’s progress under the ECF arrangement includes stronger-than-expected growth in the first half of 2024, a significant decline in inflation rates, better fiscal discipline and debt restructuring progress and improved foreign reserves and balance of payments.
Focus on reform and stability
Ms. Kozack emphasized the importance of sustained implementation of policy and reform agendas to fully restore macroeconomic stability and ensure debt sustainability.
“These efforts are critical, especially given the challenging economic environment faced by many nations globally,” she said.
The IMF continues to monitor Ghana’s progress, with a detailed staff report to be released following the December board meeting.
Outlook
The anticipated disbursement underscores Ghana’s commitment to structural reforms and fiscal discipline, positioning the country on a path toward sustainable economic recovery.
As the IMF programme advances, the funds will bolster government efforts to stabilize the economy and support growth initiatives.
This milestone also reflects the global lender’s confidence in Ghana’s ongoing efforts to address its economic challenges and create a resilient foundation for long-term prosperity.
