Ghana Nears $360M IMF Disbursement as Fifth Review Enters Final Stage

Ghana’s fifth review under the International Monetary Fund (IMF) Extended Credit Facility (ECF) has entered its critical final stage, with discussions expected to conclude by October 10. Officials are optimistic that a successful review will unlock a $360 million disbursement, bringing total IMF support under the $3 billion programme to $2.66 billion.

The IMF mission, led by Dr. Ruben Atoyan, has been in Accra since late September, engaging with teams from the Ministry of Finance and the Bank of Ghana. The review process is assessing Ghana’s progress on key fiscal and monetary targets, including debt restructuring, fiscal consolidation, and inflation management. This collaboration marks a crucial checkpoint in the country’s broader economic reform agenda.

Insiders reveal that this phase of the review is placing particular focus on domestic revenue mobilisation, a cornerstone of Ghana’s strategy to boost public finances and reduce reliance on external borrowing. Strengthening revenue collection is seen as vital to ensuring long-term economic stability and funding critical social and infrastructure projects.

A positive outcome from the IMF review is expected to reinforce investor confidence and stabilize Ghana’s foreign exchange reserves. Analysts note that the disbursement could provide the much-needed liquidity cushion to support government spending and maintain macroeconomic stability amid global economic uncertainties.

Ghana’s economic team is keenly aware of the stakes, emphasizing that progress in fiscal reforms and revenue mobilisation will have ripple effects on jobs, inflation, and public services. As the review reaches its conclusion, all eyes will be on Accra, with the $360 million disbursement poised to signal renewed international confidence in Ghana’s economic recovery efforts.

source: citi newsroom