IMF approves $360m disbursement for Ghana’s economic reforms

The International Monetary Fund (IMF) has completed the third review of Ghana’s 36-month Extended Credit Facility (ECF) arrangement, enabling an immediate disbursement of SDR 269.1 million (approximately $360 million). This brings total disbursements under the programme to $1.9 billion.

The review generally reflects satisfactory performance, with notable progress in debt restructuring, rapid growth recovery, and declining inflation, though at a slower pace. The medium-term outlook remains favorable, despite risks from the elections and energy sector challenges.

Ghana’s fiscal performance is on track for a primary surplus of half a per cent of GDP in 2024, with plans to achieve a 1.5 per cent surplus in 2025 through enhanced revenue mobilisation and expenditure rationalisation.

The Bank of Ghana has maintained a prudent monetary policy to curb inflation and strengthen reserves, while also stabilising the financial sector through recapitalisation measures.

Structural reforms aimed at boosting private sector investment and improving governance are critical for sustainable economic growth and job creation. The IMF stressed that continued commitment to policy adjustments and reforms is essential to restore macroeconomic stability and debt sustainability.

Attribution: IMF

Subediting: M. S. Salama