IMF Executive Board approves $367m disbursement for Ghana

The International Monetary Fund’s Executive Board has approved the fourth review of Ghana’s Extended Credit Facility (ECF) programme, unlocking a significant $367 million disbursement to support the country’s ongoing economic recovery.

The approval, announced by Ghana’s Finance Minister Dr Cassiel Ato Forson, represents the fifth tranche of funding under the three-year, $3 billion ECF programme, reflecting growing international confidence in Ghana’s fiscal reform agenda.

Announcing the approval, Finance Minister Dr. Cassiel Ato Forson said, “This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation. Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports.”

The IMF’s decision follows a thorough review of Ghana’s performance under the programme, confirming the country has met key benchmarks in areas such as debt sustainability, fiscal consolidation, and structural reforms.

Ghana entered the ECF Programme in 2023 to address a severe macroeconomic crisis exacerbated by high inflation, currency depreciation, and unsustainable debt levels. Since then, the country has pursued a series of reforms aimed at stabilizing the economy, reducing the budget deficit, and boosting investor confidence

The newly approved $367  million disbursement is expected to provide critical budgetary support, allowing the government to maintain essential public services while continuing to roll out reforms that promote inclusive and sustainable growth.

“Today marks another decisive step forward in Ghana’s economic recovery journey, demonstrating that our reform agenda is not just working – it’s exceeding expectations and rebuilding confidence in our nation’s financial future,” the Finance Minister emphasized.

The successful fourth review follows positive assessments from credit rating agencies and international observers, further strengthening Ghana’s position as it seeks to restore stability and attract long-term investment.

“The Bank of Ghana (BoG) has tightened its monetary policy stance to sustain a continued reduction in inflation and has been successful in rebuilding international reserves. The BoG has implemented risk containment measures to support banking system stability. It appropriately intensified monitoring and escalated measures at weak, undercapitalized banks to promote timely recapitalization; strengthen risk management frameworks and practices, including to reduce NPLs; and ensure effective governance. Looking ahead, the authorities are committed to sustaining their efforts to bolster financial stability”, IMF.