Ghana is set to receive an immediate disbursement to the tune of $360 million (Ksh 46.4b) from the International Monetary Fund (IMF) as part of its ongoing economic reforms.
The funding follows the completion of the third review by IMF Executive Board under the 36 months Extended Credit facility (ECF) arrangement where the West African nation is expected to receive a total of $3 billon.
With the completion of the third review, the latest disbursement now brings total amount Ghana has received under the programme to $1.9 billion.
IMF has noted improvement in Ghana’s economic reforms following acute economic and financial pressures in 2022.
“Ghana’s performance under its ECF-supported reform program has been generally satisfactory. The authorities’ economic strategy is delivering on its objectives, with the economy showing clear signs of stabilization. Going forward, steadfast program implementation remains essential to fully and durably restore macroeconomic stability and debt sustainability, while addressing longstanding structural vulnerabilities,” said Bo Li, IMF Deputy Managing Director.
According to the multilateral lender, the country has made progress in debt restructuring resulting in rapid recovery as inflation declines albeit at a slower pace.
IMF projects Ghana to register a 4pc economic growth this year, 4.4pc in 2025 and 4.9pc in 2026.
Ghana’s ongoing debt restructuring has seen gross public debt ration to gross domestic product decline from an actual high of 92.7pc in 2022 to 78pc this year and is projected to ease to 72.2pc next year.
“After successfully restructuring domestic debt last year and reaching agreement on a Memorandum of Understanding with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework in June 2024, the government has completed the exchange of its Eurobonds at conditions consistent with program parameters. The authorities have also intensified engagement with their remaining external commercial creditors on a restructuring in line with program parameters and comparability of treatment,” added IMF.
The post Ghana to receive $360M under IMF ongoing programme appeared first on KBC.
