Ghana Secures $370 Million IMF Disbursement to Boost Economic Recovery
Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced a major breakthrough for the country’s economic recovery efforts following the International Monetary Fund’s (IMF) approval of Ghana’s fourth review under the Extended Credit Facility (ECF) programme.
The IMF Executive Board’s decision clears the way for the disbursement of a $370 million tranche, injecting fresh momentum into the government’s reform initiatives.
In a statement after the approval, Dr. Forson said:
“The IMF Executive Board has just approved Ghana’s 4th Review under the ECF Programme, clearing the path for a substantial $370 million disbursement!”
He described the development as a vote of confidence in Ghana’s economic management and reform strategies:
“This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation.”
Background
Ghana signed onto the $3 billion, three-year IMF-backed ECF programme in May 2023, aimed at restoring macroeconomic stability after a period marked by high inflation, currency depreciation, and mounting debt challenges.
The programme mandates regular reviews to assess Ghana’s progress in implementing fiscal, structural, and financial reforms.
Positive Economic Signals
Dr. Forson indicated that Ghana’s performance under the programme has exceeded expectations, with both domestic and international confidence on the rise.
“Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports!” he noted.
He added that the IMF’s latest approval represents another major milestone:
“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!”
Way Forward
The newly approved funds are expected to be channeled into budgetary support, cedi stabilisation, and servicing external obligations to sustain macroeconomic growth.
Meanwhile, Ghana continues talks with external creditors and Eurobond investors to restructure its debt under the G20 Common Framework—an essential step for the full implementation of the IMF programme.
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