The International Monetary Fund (IMF) has approved the third review of Ghana’s $3 billion lending program, unlocking an immediate disbursement of approximately $360 million, the IMF announced on Monday.
According to the IMF, Ghana’s performance under the program has been “generally satisfactory,” with all quantitative performance criteria and indicative targets for the third review successfully met.
Ghana’s Finance Minister, Mohammed Amin Adam, confirmed the review’s approval earlier on Monday in an interview with Reuters.
The West African nation, which is recovering from a debt default in 2022, is preparing for its presidential and parliamentary elections on December 7.
Amin praised the government’s fiscal discipline, stating, “With three successful IMF reviews in a row, it shows the determination of the government to turn the economy to winning ways. We have demonstrated uncharacteristic discipline in fiscal management.” He acknowledged the ongoing challenges but assured that the government would continue working for the benefit of the people.
The IMF’s lending program, approved in May 2023, is set to run until 2026. As part of the program, Ghana’s debt restructuring is expected to reduce its debt to bondholders by $4.7 billion and provide $4.4 billion in cash flow relief during the program’s duration.
