The International Monetary Fund (IMF) is scheduled to hold a Board meeting in early December to review and potentially approve a $360 million disbursement to Ghana under its $3 billion Extended Credit Facility (ECF). If approved, this payment will bring Ghana’s total disbursements under the program to $1.92 billion.
The upcoming review follows a two-week evaluation of Ghana’s fiscal performance, which concluded with a staff-level agreement between the IMF and Ghana on October 4 during the third review of the program. Julie Kozack, the IMF’s Director of Communications, provided updates on the development during a press briefing in Washington, D.C., on November 21.
“Once the review is completed by the IMF’s Executive Board, Ghana would have access to about $360 million in terms of disbursement,” Kozack stated. She added, “We are working towards a Board meeting in early December and will provide additional details on the precise date when we have them.”
Kozack commended Ghana for its progress in meeting the program’s requirements, particularly in the area of debt restructuring, describing the country’s performance as “encouraging.”
“Economic growth in the first half of 2024 exceeded our projections, inflation has declined, and the fiscal and external positions have shown marked improvement,” she noted. “What will be important for Ghana moving forward is the continued implementation of its policy and reform agenda, particularly in the context of the challenging global and regional economic environment. Fully restoring macroeconomic stability and ensuring debt sustainability remains essential.”
She further indicated that a detailed staff report on Ghana’s program performance will be published after the Board’s decision in December. The report is expected to shed more light on the country’s progress and outline the next steps under the ECF arrangement.
This development highlights the IMF’s continued support for Ghana’s economic recovery efforts, focusing on achieving long-term fiscal stability and sustainable growth.
