Ghana is poised to receive an additional US$360 million from the IMF, with the Bank’s Executive Board scheduled to review and approve the country’s third programme review on December 2, 2024

According to the IMF Executive Board’s calendar, a meeting will take place in December to assess Ghana’s third review under its US$3 billion Extended Credit Facility (ECF).

IMF Communications Director Julie Kozack confirmed to the Ghana News Agency that staff are currently preparing for the upcoming meeting.

Since the initiation of the ECF arrangement, Ghana has consistently met the required indicators, resulting in the approval of all previous reviews.

“Once the review is approved by the IMF Executive Board, Ghana will have access to about US$360 million in terms of disbursement,” Ms. Kozack said during a press briefing.

This follows the staff-level agreement reached between Ghana and the IMF Mission team in October 2024, where it was acknowledged that Ghana’s performance under the ECF program has been deemed “satisfactory.”

The approval of the third review will lead to the release of US$360 million, bringing the total disbursements since May 2023 to SDR 1,441 million, which is roughly equivalent to US$1.92 billion.

Commenting on the country’s execution of the ongoing loan-supported agreement, Ms. Kozack stated, “The programme performance has been good. There has been remarkable progress on debt restructuring.”

She said that economic growth in the first half of 2024 surpassed expectations, inflation had decreased, fiscal improvements were seen, and the country’s external positions had strengthened, reflecting the country’s positive performance.

“Looking ahead, what will be important for Ghana is the continued implementation of the policy and reform agendas, especially given the difficult situation that many countries in the region and globally face,” she said.

Ms. Kozack highlighted that maintaining these efforts is vital for achieving complete macroeconomic stability and ensuring long-term debt sustainability, which are the core objectives of the three-year program.

“We will, of course, have further updates on Ghana when we release the staff report after the board meeting takes place,” she said.