The International Monetary Fund (IMF) and the Government of Ghana have reached a staff-level agreement following the third review of Ghana’s $3 billion extended credit facility. This agreement comes after a two-week assessment by IMF staff, who evaluated the country’s fiscal performance and progress against targets set for June 2024.
The IMF mission praised Ghana’s performance under the program, describing it as “generally satisfactory” with significant advancements in the restructuring of the country’s debt. However, the agreement is still subject to the IMF Board’s approval, which would release the fourth tranche of $360 million, bringing the total disbursements to Ghana to $1.92 billion.
IMF mission chief to Ghana, Stéphane Roudet, stated, “Performance under the IMF-supported program has been generally satisfactory. All end-June 2024 quantitative targets were met, and progress on key structural reforms has continued, despite some delays in certain areas.”
Ghana has also made notable strides in its public debt restructuring efforts. Following the restructuring of domestic debt last year and reaching an agreement with the Official Creditors Committee (OCC) under the G20 Common Framework in June, the country recently secured 98% participation from Eurobond holders for its external debt restructuring.
The government remains committed to finalizing agreements with other commercial external creditors to ensure consistency with the program’s objectives and comparability of treatment principles.
