The International Monetary Fund (IMF) has announced that they have reached a staff-level agreement on the review of Ghana’s extended credit facility.
This agreement will grant Ghana access to approximately US$360 million in financing once approved by the IMF Management and completed by the IMF Executive Board.
According to the IMF statement released on April 13, 2024, Ghana’s performance under the program has been described as “strong.” A team from the IMF, led by Mr. Stéphane Roudet, Mission Chief for Ghana, conducted meetings in Accra from April 2-12, 2024, to discuss the progress of reforms and the authorities’ policy priorities within the second review of Ghana’s three-year program under the Extended Credit Facility.
Mr. Roudet highlighted the positive results of Ghana’s efforts and stated, “Performance under the program has been generally strong, with most quantitative objectives met and key reforms implemented.” He also commended the authorities for their strong policies, which have led to higher economic growth, declining inflation, and significant improvements in both fiscal and external positions in 2023.
In order to complete the review and secure the financing, Ghana must reach an agreement with its official bilateral creditors on a Memorandum of Understanding (MoU) for a debt treatment, as agreed upon in January 2024.
The IMF team expressed their appreciation for the collaborative efforts of the Ghanaian authorities and other stakeholders during the meetings. They look forward to Ghana’s continued progress under the IMF-supported program and the implementation of necessary reforms to achieve stronger and more inclusive growth.
