Governor of the Bank of Ghana (BoG), Dr. Ernest Kwamina Yedu Addison, has reaffirmed the government's commitment to preventing state institutions from draining the nation's finances with election-related expenses.

He emphasized that this narrative has hindered the economic advancement of the country, a challenge the government aims to address this year, notwithstanding the upcoming elections.

Dr. Addison highlighted that Ghana has historically struggled to execute IMF-supported programs during election years due to excessive spending by state entities.

During a press briefing on Saturday, April 13, 2024, after Ghana reached a staff-level agreement with the International Monetary Fund (IMF) on the Extended Credit Facility (ECF) arrangement, Dr. Addison stated, "In Ghana’s recent history, we have not been able to successfully implement an IMF-supported programme in an election year without derailment." He emphasized the government and the Central Bank's commitment to changing this pattern.

It is anticipated that the IMF Board will approve Ghana’s third tranche of GHS$360 million in June this year, following the staff-level agreement between Ghanaian authorities and the IMF Mission team.

This approval would bring the total disbursement for Ghana’s ECF arrangement, supported by the Post-COVID-19 Programme for Economic Growth (PC-PEG), to US$1.56 billion.

To date, Ghana has received US$1.2 billion from the first two tranches of the US$3 billion three-year IMF loan-support program.

The overarching goal of the program is to restore macroeconomic stability and debt sustainability, enhance resilience, and establish the groundwork for stronger and more inclusive growth.