Ghana has officially received a $367 million disbursement from the International Monetary Fund (IMF), marking the fifth tranche of its $3 billion Extended Credit Facility (ECF) programme. The funds were credited to the Bank of Ghana on July 9, following the successful completion of the fourth review under the agreement. The ECF programme, which began in May 2023, aims to restore debt sustainability, stabilise the economy, and implement structural reforms after a period of economic turmoil.
This latest disbursement is expected to enhance Ghana’s external reserves, provide support for budget operations, and help stabilise the depreciating cedi. It also comes at a critical time as the country navigates ongoing debt restructuring talks with external creditors and Eurobond holders under the G20 Common Framework. These negotiations are vital to the success of the IMF programme and Ghana’s broader economic recovery plan.
According to Finance Minister Dr. Cassiel Ato Forson, Ghana has so far exceeded expectations in meeting the benchmarks of the IMF programme. He noted that this has contributed to the gradual restoration of investor confidence both locally and internationally. The government intends to use the funds to cover critical balance-of-payment needs and strengthen macroeconomic resilience.
Economic experts have urged the government to direct the funds into key sectors such as agriculture and infrastructure. Professor Patrick Asuming highlighted agriculture’s potential as a cornerstone of growth and sustainability, especially under the government’s newly launched 24-hour economy initiative. He also recommended resuming stalled road projects to reduce logistical costs and enhance productivity.
Overall, the disbursement is seen as a lifeline for Ghana’s recovery strategy, offering both immediate fiscal relief and a foundation for long-term reforms. However, effective and transparent utilisation of the funds remains crucial to realising sustainable growth and reducing dependency on external support.
Source: Citi newsroom