Economy

IMF reaches Staff-Level Agreement on 2nd review of extended credit facility with Ghana

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The International Monetary Fund (IMF) has reached a staff-level agreement on the review of the extended credit facility with Ghana.

The IMF in a statement released on Saturday, April 13, 2024, said Ghana will have access to about US$360 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board.

The IMF in its statement described as “strong” Ghana’s performance under the programme.

The decision follows an IMF staff team, led by Mr. Stéphane Roudet, Mission Chief for Ghana, who held meetings in Accra between April 2-12, 2024, to discuss progress on reforms and the authorities’ policy priorities in the context of the second review of Ghana’s three-year program under the Extended Credit Facility.

“I am pleased to announce that IMF staff and the Ghanaian authorities have reached a staff-level agreement on the second review of Ghana’s economic program under the Extended Credit Facility arrangement.

This staff-level agreement is subject to IMF Management approval and Executive Board consideration once the necessary financing assurances have been received.

“Performance under the program has been generally strong, with most quantitative objectives met and key reforms implemented. The authorities’ strong policy and efforts have continued to yield positive results: economic growth is higher than initially expected; inflation has continued to decline; and both fiscal and external positions have improved significantly in 2023,” Mr. Roudet said.

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