The International Monetary Fund (IMF) has approved a $360 million disbursement to Ghana, marking the successful completion of the third review under the country’s $3 billion Extended Credit Facility (ECF) program.
This brings Ghana’s total receipts from the program to $1.92 billion, with the funds expected to be credited to the Bank of Ghana by the end of the week.
According to an IMF statement, Ghana’s performance under the ECF has been “generally satisfactory,” highlighting significant progress in key economic areas. The IMF noted that “growth is recovering rapidly, inflation has declined—although at a slower pace, and the fiscal and external positions have continued to improve.”
Ghana’s government has made notable strides in restructuring its public debt. After successfully restructuring domestic debt in 2023, the country reached an agreement with the Official Creditors Committee (OCC) under the G20 Common Framework in June 2024. In addition, Ghana has completed the exchange of its Eurobonds under conditions that align with the ECF program’s parameters. The government is now focused on negotiations with external commercial creditors to finalize a comparable restructuring deal.
The Bank of Ghana (BoG) has continued to implement prudent monetary policies aimed at reducing inflation and rebuilding international reserves. The IMF acknowledged the BoG’s efforts in strengthening financial sector stability, particularly through measures to ensure timely bank recapitalization and sustain the viability of the banking sector. Additionally, the government has initiated the recapitalization of state-owned banks as resources allow.
The IMF’s approval of this latest disbursement underscores confidence in Ghana’s ongoing economic reforms and recovery efforts. The funds are expected to bolster economic stability, enhance debt management, and support sustainable growth.
As Ghana continues to implement structural reforms and engage with its creditors, the IMF remains a critical partner in the nation’s pursuit of economic resilience and fiscal consolidation.