The International Monetary Fund (IMF) Board is scheduled to meet in early December 2024 to evaluate and possibly approve a $360 million disbursement to Ghana under the $3 billion Extended Credit Facility (ECF). If endorsed, this disbursement will raise Ghana’s total funding under the program to $1.92 billion.
The decision follows the IMF’s two-week evaluation of Ghana’s fiscal data, which culminated in a staff-level agreement on October 4 during the program’s third review.
Speaking at a press briefing in Washington, D.C., recently Julie Kozack, the IMF’s Director of Communications, praised Ghana’s program performance, highlighting significant strides in economic stability and debt restructuring efforts.
“Economic growth in the first half of 2024 exceeded our expectations, and inflation has declined,” Kozack stated. “The fiscal and external positions have also shown marked improvement. Ghana has made remarkable progress on debt restructuring, meeting key requirements for continued support.”
While acknowledging the progress, Kozack emphasized the importance of sustained reforms.
“Looking ahead, what will be important for Ghana will be the continued implementation of the policy and reform agendas. It remains essential to fully restore macroeconomic stability and debt sustainability, especially given the challenging global and regional economic environment,” she added.
The anticipated $360 million disbursement will depend on the IMF Executive Board’s review and approval. The funds are part of Ghana’s broader economic recovery agenda, aimed at bolstering growth, reducing inflation, and addressing fiscal deficits.
The IMF’s staff report, providing detailed insights into Ghana’s program performance and future policy priorities, is expected to be published shortly after the December board meeting.
This upcoming decision reflects a critical juncture in Ghana’s partnership with the IMF as the nation works to solidify its economic recovery and build resilience amidst global economic uncertainties.
