Ghana to access $360m after successful second review of IMF program

The Government of Ghana has reached staff-level agreement with the International Monetary Fund (IMF) following conclusion of the second review of its program with the Fund. This will enable Ghana access about US$360 million in financing after it has been approved by IMF Management and formally completed by the IMF Executive Board.

The IMF however is expecting the Ghanaian authorities to reach an agreement with their official creditors on an MoU for a debt treatment which would provide the needed financing assurances. These assurances form part of considerations for approval of the staff-level agreement by the IMF Executive Board and Management. According to the IMF Mission Chief for Ghana, Stephane Roudet, Ghana would have access to SDR 269.1 million (about $360 million) upon completion of the Executive Board review.

He noted that, “Performance under the IMF-supported program has been generally strong, with most quantitative targets met. Good progress has also been made on the key structural reform milestones. The authorities’ policies and reforms to restore macroeconomic stability and debt sustainability while laying the foundations for stronger and more inclusive growth are already generating positive results.”

The latest round of funding brings up the total IMF financial support disbursed since May 2023 to approximately $1,560 million (SDR 1,171.9 million).

“The external sector has improved significantly, with international reserve accumulation ahead of program objectives. Financial stability has been preserved, with banks posting solid profits in 2023″, the Fund observed.

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