The International Monetary Fund (IMF) has urged Ghana to maintain its commitment to the Economic Credit Facility (ECF) programme to support long-term growth and tackle poverty.

In a press briefing on September 12, 2024, Julie Kozack, IMF’s Director of Communications, applauded the Ghanaian government and the Bank of Ghana for their steadfast dedication to the ECF initiative.

The IMF also welcomed Finance Minister Dr. Mohammed Amin Adams' confirmation of the government's ongoing support for ECF policies.

“Steadfast policy and reform implementation are vital to durably restore macroeconomic stability and debt sustainability in Ghana.

"It will be crucial for the government to continue to implement the programme as envisaged to ensure sustainable growth and poverty reductions. The authorities have so far demonstrated a strong commitment to the programme at all levels. And we welcome Minister Adams signalling of the government's continued commitment to policies under the programme,” she said.

Under the three-year programme, Ghana has accessed $1.6 billion of the allocated $3 billion, including a recent $360 million tranche received in July 2024.

The IMF has observed that the government's extensive reform efforts and strong policy measures, supported by the Bank of Ghana, are producing encouraging results. Growth in 2023 surpassed initial projections, inflation is on the decline, and international reserves are on the rise.