The Executive Board of the International Monetary Fund (IMF) has approved a $360 million disbursement to Ghana as part of the country’s $3 billion Extended Credit Facility (ECF). The approval follows the successful completion of Ghana’s third program review, announced on Monday, December 2, 2024.
This latest tranche brings Ghana’s total receipts under the ECF to $1.92 billion, with the funds expected to be credited to the Bank of Ghana by the end of the week.
According to the IMF, Ghana’s performance under the program has been “generally satisfactory,” with reform efforts yielding positive results. “Good progress has been made on debt restructuring. Growth is recovering rapidly, inflation has declined—although at a slower pace, and the fiscal and external positions have continued to improve,” the statement noted.
Key highlights include:
Public Debt Restructuring: Ghana has made significant strides in managing public debt. Following the successful domestic debt restructuring in 2023, the government finalized a Memorandum of Understanding with the Official Creditors Committee (OCC) under the G20 Common Framework in June 2024 and completed an exchange of Eurobonds consistent with program terms. Efforts to engage with external commercial creditors on comparable restructuring terms are ongoing.
Monetary Policy and Financial Stability: The Bank of Ghana has maintained a prudent monetary policy stance, contributing to a gradual reduction in inflation while rebuilding international reserves. Additionally, measures to promote the recapitalization and viability of banks, including state-owned institutions, are underway.
The IMF praised the government and the Bank of Ghana for their commitment to structural reforms and fiscal discipline, which have supported economic recovery and financial sector stability. The funds from the latest disbursement will further aid Ghana’s efforts to sustain economic progress under the ECF program.
