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Ghana’s economic recovery efforts have received a significant boost following the International Monetary Fund’s (IMF) approval of the country’s fourth review under the Extended Credit Facility (ECF) programme.
Finance Minister Dr. Cassiel Ato Forson confirmed the development on Monday, announcing that the approval by the IMF Executive Board will unlock a disbursement of 370 million dollars to support ongoing reforms.
In a statement shared shortly after the decision, 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 dollars disbursement.”
He described the approval as a strong vote of confidence in the government’s fiscal management and reform agenda, stating that it validates Ghana’s commitment to economic discipline and transformation.
Ghana entered into a three-year, 3 billion dollar IMF-supported ECF programme in May 2023 to address severe macroeconomic challenges including inflation, currency depreciation, and high public debt.
The programme requires periodic performance reviews to assess Ghana’s progress on fiscal consolidation, structural reforms, and financial sector adjustments.
Dr. Forson noted that the latest review confirms Ghana’s solid performance and signals restored confidence from the international community.
“Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports,” he added.
He also described the development as a critical milestone in the country’s recovery process.
“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,” Dr. Forson stated.
The newly approved funds are expected to support Ghana’s budget, stabilise the local currency, and help meet external financial obligations.
