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The Bank of Ghana has officially received a $367 million disbursement from the International Monetary Fund (IMF), following the successful completion of Ghana’s fourth review under the \$3 billion Extended Credit Facility (ECF) programme.
The funds, which represent the fifth tranche of the programme approved in May 2023, were credited to the central bank’s account on Wednesday, July 9. The disbursement is expected to bolster Ghana’s external reserves, help stabilise the cedi, and support critical balance-of-payment and budgetary needs.
According to Finance Minister Dr. Cassiel Ato Forson, Ghana has exceeded expectations under the programme, restoring confidence in the economy both locally and internationally.
“This disbursement is a strong endorsement of Ghana’s fiscal discipline and ongoing economic reforms,” he noted in a statement.
The ECF programme was designed to address the country’s economic crisis, which had been triggered by soaring inflation, currency depreciation, and rising debt levels. Periodic reviews are conducted by the IMF to assess Ghana’s progress in implementing agreed fiscal, structural, and financial reforms.
The latest disbursement comes at a crucial time, as Ghana continues to engage external creditors and Eurobond holders under the G20 Common Framework to restructure its debt—an essential step in achieving long-term macroeconomic stability.
Economists, including Professor Patrick Asuming, have urged the government to allocate the funds strategically. He suggested prioritising the agriculture sector and stalled infrastructure projects to drive inclusive growth and support the newly launched 24-hour economy initiative.
“Agriculture should be at the heart of the 24-hour economy. It’s the fulcrum of growth. Supporting stalled road projects will also cut rising costs and spur productivity,” he advised.
