Ghana-IMF deal: Board to approve $360M disbursement in December
The International Monetary Fund (IMF) Board is scheduled to convene in early December to deliberate on approving a $360 million disbursement to Ghana. If granted, this will raise the total funds disbursed to Ghana under the IMF’s $3 billion Extended Credit Facility (ECF) to $1.92 billion.
This decision follows a two-week evaluation of Ghana’s fiscal performance, culminating in a staff-level agreement between the IMF and Ghana on October 4 during the program’s third review.
IMF Communications Director, Julie Kozack, shared this update during a press briefing in Washington, D.C., on November 21. She confirmed that once the review is approved by the executive board, Ghana would gain access to the $360 million.
“Our staff is working toward a board meeting in early December, and we’ll provide more precise details on the date once finalized,” Kozack said.
She praised Ghana’s adherence to the program requirements, particularly in advancing debt restructuring efforts.
“Programme performance has been commendable,” she noted. “Economic growth in the first half of 2024 surpassed projections, inflation has decreased, and both fiscal and external positions have significantly improved.”
Looking forward, Kozack emphasized the need for Ghana to sustain its policy and reform initiatives amid global and regional economic challenges. She reiterated the importance of fully restoring macroeconomic stability and achieving debt sustainability.
The IMF plans to publish further updates and the staff report after the board’s decision in December.
