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The International Monetary Fund (IMF) has approved a $360 million disbursement to Ghana following the successful completion of the third review of its $3 billion Extended Credit Facility (ECF). The announcement, made on December 2, 2024, brings Ghana’s total receipts under the program to $1.92 billion. The funds are expected to be credited to the Bank of Ghana by the end of the week.
The IMF commended Ghana’s overall performance under the program, noting that reform efforts are yielding positive results. Significant progress has been made in debt restructuring, economic recovery, and fiscal management. According to the IMF, Ghana’s growth is rebounding strongly, inflation is decreasing—albeit more slowly than expected—and both fiscal and external positions are improving.
The country has achieved major milestones in its public debt restructuring efforts. After completing domestic debt restructuring last year, Ghana successfully reached a Memorandum of Understanding with the Official Creditors Committee under the G20 Common Framework in June 2024. The government also completed the exchange of Eurobonds under conditions aligned with the ECF’s program parameters and is actively engaging external commercial creditors for further restructuring.
The Bank of Ghana (BoG) has maintained a prudent monetary policy stance to sustain inflation reduction and rebuild international reserves. The central bank has also strengthened measures to stabilize the financial sector, including steps to recapitalize state-owned banks and promote overall bank viability.
The IMF emphasized that continued commitment to reforms will be crucial for sustaining Ghana’s economic recovery and ensuring long-term stability. This latest disbursement reflects the IMF’s confidence in Ghana’s efforts to address its economic challenges effectively.
