Ghana has received a significant financial boost as the International Monetary Fund (IMF) approved the country’s fourth review under the Extended Credit Facility (ECF), unlocking a $370 million disbursement. This marks a crucial milestone in the government’s ongoing economic reform programme. Finance Minister Dr. Cassiel Ato Forson welcomed the decision, highlighting it as a strong endorsement of Ghana’s economic direction and reform efforts.
The $370 million disbursement is part of a broader three-year, $3 billion support programme that Ghana entered with the IMF in May 2023. The programme was initiated to stabilize the country’s economy, which had suffered from high inflation, currency depreciation, and unsustainable debt levels. The IMF reviews Ghana’s progress periodically to assess the impact of its fiscal, structural, and financial reform measures.
Dr. Forson emphasized that Ghana’s performance under the programme has exceeded expectations, restoring confidence in the economy both domestically and internationally. He attributed the positive outcome to the government’s commitment to fiscal discipline and structural reforms aimed at long-term transformation.
The funds are expected to be directed toward budgetary support, stabilizing the cedi, and meeting external obligations. These measures are essential to further restore macroeconomic stability and pave the way for sustainable growth. The Finance Minister reaffirmed the government’s resolve to pursue comprehensive policy strategies that are yielding tangible results.
The development also occurs against the backdrop of ongoing debt restructuring talks with external creditors and Eurobond holders under the G20 Common Framework. Successful debt restructuring remains critical to the full implementation of the IMF programme and the country’s economic recovery path.
Source: Citi newsroom