IMF Board to Approve $360M Disbursement to Ghana in December
IMF Board to Approve $360M Disbursement to Ghana in December
- IMF Board is set to meet in early December to review and possibly approve a $360 million disbursement to Ghana.
- If the disbursement is approved, it will bring Ghana’s total funds received under the IMF’s $3 billion Extended Credit Facility to $1.92 billion
- Kozack described Ghana’s program performance as “encouraging”
The International Monetary Fund (IMF) Board is set to meet in early December to review and possibly approve a $360 million disbursement to Ghana.
If the disbursement is approved, it will bring Ghana’s total funds received under the IMF’s $3 billion Extended Credit Facility to $1.92 billion.
The decision follows a two-week assessment of Ghana’s fiscal data, which resulted in a staff-level agreement between the IMF and Ghana on October 4, during the third review of the program.
IMF Director of Communications, Julie Kozack, provided the update during a press briefing in Washington, D.C. on November 21.
“Once the review is completed by the IMF’s executive board, Ghana will have access to about $360 million in disbursement,” Kozack said. She added that the IMF was working towards a Board meeting in early December and would provide further details on the exact date as it becomes available.
Kozack described Ghana’s program performance as “encouraging,” noting significant progress in debt restructuring and other areas.
“Economic growth in the first half of 2024 exceeded our expectations, inflation has decreased, and fiscal and external positions have improved markedly,” she said.
Looking ahead, Kozack stressed the importance of continued policy implementation and reforms, particularly in light of global and regional challenges. She emphasized that restoring macroeconomic stability and debt sustainability remains crucial for Ghana’s future.
“Further updates on Ghana will be provided in the staff report after the board meeting,” Kozack concluded.
