IMF set to approve $360m disbursement to Ghana
Accra, Ghana - Nov 22, 2024 - Ghana is on the cusp of receiving a significant financial boost from the International Monetary Fund (IMF). The IMF's Executive Board is set to convene in early December to review Ghana's economic progress and potentially approve a $360 million disbursement.
This payment would be a substantial addition to the $1.56 billion Ghana has already received under the IMF's $3 billion Extended Credit Facility. The IMF's support has been instrumental in helping Ghana navigate its economic challenges, and this latest disbursement would be a testament to the country's commitment to economic reform.
Ghana's economic growth has been exceeding expectations, with inflation declining and fiscal and external positions showing marked improvement.
IMF Director of Communications, Julie Kozack, announced the update at a press briefing in Washington, D.C. on November 21.
She praised Ghana's progress in debt restructuring, noting that the country has made remarkable strides in this area.
“Once the review is completed by the IMF’s executive board, Ghana would have access to about $360 million in terms of disbursement.
“We are working, our staff are working toward a board meeting in early December and will provide additional details on the precise date when we have them,” she added.
“What I can say in addition is that the programme performance has been good. There has been in particular remarkable progress on debt restructuring,” she said.
“Economic growth in the first half of 2024 exceeded our expectations, exceeded our projections. Inflation has declined and the fiscal and external positions have shown marked improvement.
“Looking ahead, what will be important for Ghana will be the continued implementation of the policy and reform agendas, especially given the difficult situation that many countries in the region and globally face. And it remains essential to fully restore macroeconomic stability and debt sustainability.
“And we will, of course, have further updates on Ghana when we release the staff report, when we publish the staff report after the board meeting takes place. And we are just about out of time,” she added.
Source: Florence Kyei / Lead News Online
