IMF Commits USD367M to Support Ghana’s Economic Recovery
(MENAFN) The International Monetary Fund (IMF) executive board has completed its fourth evaluation of Ghana’s economic reform program, clearing the path for the swift disbursement of $367 million to support the country’s ongoing recovery, according to a press release issued Monday by the IMF.
With this latest tranche, total funds released to Ghana under the $3 billion Extended Credit Facility arrangement now stand at approximately $2.3 billion since the reform program launched in May 2023.
"The new authorities have adopted strong corrective measures to address the fiscal impact of 2024 slippages and ensure the fiscal program remains on track, including achievement of a 1.5 percent of GDP fiscal primary surplus in 2025," the release stated.
The IMF called on Ghanaian authorities to uphold fiscal discipline and continue enhancing efforts to strengthen tax collection, improve oversight of public finances, reform the management of state-owned enterprises, and confront persistent issues in the energy and cocoa industries.
Inflation, which had peaked at 54.1% in December 2022, fell sharply to 13.7% by June, while the economy expanded 5.3% in the first quarter of the year.
Meanwhile, Ghana’s central bank opted to maintain its policy rate at 28% during its May meeting.
Grappling with a deep economic crisis marked by soaring debt, fiscal overruns, rampant inflation, and currency instability, Ghana—Africa’s second-largest gold producer and a key exporter of cocoa and crude oil—began implementing the 36-month IMF-supported reform package in May 2023 to stabilize and revive its economy.
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