The International Monetary Fund (IMF) Board has passed Ghana on the third programme review and approved disbursement of some 360 million dollars to Ghana.
This was after it met to consider the IMF Staff Report on Ghana’s third programme review in Washington DC, on Monday.
Reports indicate that the board was satisfied with the progress made by government in meeting key targets under the review process.
Sources say the 360 million dollars has been approved by the board. The money is expected to hit the account of the Bank of Ghana this week. The IMF staff and government in October this year reached a staff-level agreement on economic policies and reforms for the third review of the ECF arrangement.
The disbursement by the IMF Board this month will bring the total funds received since Ghana signed up for the programme to 1.92 billion dollars. The board meeting in December is coming after Ghana passed most of the benchmarks set under the third review by the IMF programme.
The IMF staff at the end of the third review assessment indicated that all the end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas.
The Bank of Ghana’s International Reserves which stood at 7.92 billion cedis in November this year, should now cross the 8 billion dollar mark.
Source: myjoyonline
