The Executive Board of the International Monetary Fund (IMF) has approved the disbursement of $360 million to Ghana under its $3 billion Extended Credit Facility (ECF).
This follows the successful completion of Ghana’s third review under the program, as announced on Monday, December 2, 2024.
The latest disbursement brings Ghana’s total receipts from the ECF to $1.92 billion. The funds are expected to be credited to the Bank of Ghana by the end of the week.
“Ghana’s performance under the program has been generally satisfactory, and reform efforts are paying off. 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 IMF said in a release.
The statement added that the “Ghanaian authorities have continued to make remarkable headways on their public debt restructuring. After successfully restructuring domestic debt last year and reaching an agreement on a Memorandum of Understanding with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework in June 2024, the government has completed the exchange of its Eurobonds at conditions consistent with program parameters.
“The authorities have also intensified engagement with their remaining external commercial creditors on a restructuring in line with program parameters and comparability of treatment.
“The Bank of Ghana (BoG) has maintained a prudent monetary policy stance to sustain a continued reduction in inflation against heightened risks and has taken important steps to rebuild international reserves.
“The BoG has also appropriately strengthened measures to buttress financial sector stability by intensifying actions to promote timely recapitalization and steps to sustain the viability of banks. The government has started recapitalizing state-owned banks consistent with available resources.”
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