Ghana to receive $360m from IMF following board approval.

Ghana has received IMF Board approval for the second assessment of the IMF-supported post-COVID-19 Programme for Economic Growth (PC-PEG).

This permits for the immediate transfer of SDR 269.1 million (about US$360 million) to Ghana. According to the IMF, Ghana's performance under the project has been largely positive.

The Bretton Woods Institution stated in a statement on Friday that "all quantitative performance criteria for the second review and almost all indicative targets were met." Good progress is being made on debt restructuring, and significant structural changes are moving forward."

According to the IMF, Ghana's reform efforts are paying off because growth has been more durable than projected, inflation has fallen sharply from its 2022 highs, and the fiscal and external balances have greatly improved.

In a post on X, Ghana's Minister of Finance, Dr. Mohammed Amin Adam, indicated that the country is still dedicated to implementing its strong reform program to ensure macroeconomic stability.

 He congratulated President Nana Addo Dankwa Akufo-Addo for his outstanding leadership and the IMF for its support for Ghana. "Ghana today received IMF Board approval for the second review of the IMF-supported PC-PEG. This will result in the release of the third tranche of $360 million from the ECF. We remain dedicated to carrying out our robust reform programme in order to ensure macroeconomic stability."