According to an official IMF statement released late Friday, the International Monetary Fund (IMF) has approved Ghana’s second review of economic reforms, greenlighting the immediate disbursement of an additional $360 million to support the West African nation.
This latest disbursement is part of a larger $3 billion loan approved by the IMF in May 2023 under Ghana’s extended credit facility-backed reforms. With this third payout, Ghana received $1.56 billion from the IMF.
The IMF highlighted Ghana’s strong performance under the program, noting that all quantitative performance criteria for the second review and nearly all indicative targets were successfully met. Progress on debt restructuring and critical structural reforms was particularly praised.
Earlier this month, Ghana finalized agreements with its official creditors to formalize debt treatment plans agreed upon in January. Additionally, the country agreed in principle with two bondholder groups in June, aligning with program requirements set by the IMF.
Ghana, known for its gold, cocoa, and crude oil exports, embarked on the IMF-supported reform program amid economic challenges, including high inflation, a volatile exchange rate regime, and significant debt burdens in recent years. The IMF’s ongoing financial support bolsters Ghana’s efforts to stabilize its economy and foster sustainable growth.
The approval underscores the IMF’s confidence in Ghana’s commitment to implementing critical economic reforms, positioning the country for enhanced financial stability and resilience amidst global uncertainties.
