IMF Approves $360 Million Disbursement for Ghana After Successful 3rd Programme Review
IMF Approves $360 Million Disbursement for Ghana After Successful 3rd Programme Review
- IMF Board has approved the disbursement of $360 million to Ghana
- This follows a a successful review of the country’s third programme under the Extended Credit Facility
- This development is expected to further support the recovery of the Ghanaian cedi against the US dollar
The International Monetary Fund (IMF) Board has approved the disbursement of $360 million to Ghana following a successful review of the country’s third programme under the Extended Credit Facility (ECF).
This decision was made after the IMF Board considered the staff report on Ghana’s progress during the third review at a meeting held in Washington, DC on December 2, 2024.
The board expressed satisfaction with the progress made by the government in meeting the key targets outlined in the review process.
The $360 million is expected to be deposited into the Bank of Ghana’s account by December 7, 2024. This brings the total disbursed under Ghana’s IMF programme to $1.92 billion.
In October 2024, the IMF staff and the Ghanaian government reached an agreement on economic policies and reforms for the third review of the ECF arrangement.
Following this, the disbursement of funds in December marks a significant step in Ghana’s economic recovery and alignment with IMF expectations.
The IMF’s third review assessment highlighted that Ghana had met all of the end-June 2024 quantitative targets, with continued progress on key structural reforms, despite some delays in a few areas.
The report also noted that economic growth in the first half of 2024 exceeded initial expectations, driven by mining, construction, and information and communication sectors. Inflation continued to decline, broadening the sources of growth across various sectors by the second quarter of the year.
IMF Director of Communications, Julie Kozack, confirmed during a recent press conference that the $360 million disbursement would proceed following the board’s approval.
She also commended Ghana’s management of its debt exchange programme, noting the IMF’s satisfaction with the country’s handling of its fiscal policies.
This development is expected to further support the recovery of the Ghanaian cedi against the US dollar and signal to both investors and international donors that the government is on track with its economic stabilization efforts.
Ghana’s international reserves, which stood at 7.92 billion cedis in November 2024, are now expected to exceed the 8 billion-dollar mark.
