An agreement at the staff level with the International Monetary Fund (IMF) has been finalized as part of the third review of the country’s Extended Credit Facility (ECF) program.
Announced on October 4, 2024, this agreement is anticipated to release US$360 million in financing, contingent on approval from the IMF Executive Board in December.
Once approved, this new tranche will increase the total disbursement under the program to US$1.92 billion since its launch in May 2023.
The SLA comes after a thorough two-week review conducted by an IMF mission led by Stephane Roudet, the Fund’s Mission Chief for Ghana.
Mr. Roudet praised the country’s impressive performance under the IMF-supported program, highlighting that Ghana has successfully met all its quantitative targets for June 2024 and is making consistent progress on essential structural reforms.
Mr. Roudet praised the nation’s strong performance under the IMF-supported program, noting that all quantitative targets for June 2024 have been met and significant progress has been made on key structural reforms.
“The performance under the IMF-supported program has been generally satisfactory,” stated the Mission Chief.
He added that while all end-June 2024 quantitative targets were achieved, there were some delays in certain areas regarding structural reforms.
Mr. Roudet also emphasized that the agreement is pending approval from IMF Management and the Executive Board, which will enable Ghana to access the next tranche of funds under the ECF program.
“Once the Executive Board review is completed, Ghana will receive SDR 269.1 million (approximately US$360 million), bringing the total IMF financial support disbursed under the arrangement to SDR 1,441 million (around US$1,920 million),” he noted.
