Ghana Receives $360 Million from IMF to Support Economic Recovery
Ghana's economy is set to receive a significant injection of funds, courtesy of the International Monetary Fund (IMF). The IMF's Executive Board has approved the disbursement of $360 million to Ghana, bringing the country's total receipts from the Extended Credit Facility (ECF) to $1.92 billion.
This latest development is a testament to Ghana's satisfactory performance under the IMF's program. The country has made notable strides in debt restructuring, with growth recovering rapidly and inflation declining, albeit at a slower pace.
The Ghanaian government has also demonstrated its commitment to public debt restructuring, successfully exchanging its Eurobonds and engaging with external commercial creditors to restructure its debt.
The Bank of Ghana has maintained a prudent monetary policy stance, taking steps to rebuild international reserves and strengthen financial sector stability
“Ghana’s performance under the program has been generally satisfactory, and reform efforts are paying off. Good progress has been made on debt restructuring. Growth is recovering rapidly, inflation has declined—although at a slower pace, and the fiscal and external positions have continued to improve”, the IMF said in a statement.
“Ghanaian authorities have continued to make remarkable headways on their public debt restructuring. After successfully restructuring domestic debt last year and reaching an agreement on a Memorandum of Understanding with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework in June 2024, the government has completed the exchange of its Eurobonds at conditions consistent with program parameters.
“The authorities have also intensified engagement with their remaining external commercial creditors on a restructuring in line with program parameters and comparability of treatment.
“The Bank of Ghana (BoG) has maintained a prudent monetary policy stance to sustain a continued reduction in inflation against heightened risks and has taken important steps to rebuild international reserves.
Source: Florence Kyei / Lead News Online
