The International Monetary Fund (IMF) and Ghana have finalized a staff-level agreement concerning the third review of Ghana's US$3 billion extended credit facility.

This agreement follows Ghana's recent achievement of 98% participation and consent from Eurobond holders in the restructuring of the country's external debt.

Stéphane Roudet, the IMF Mission Chief for Ghana, stated that overall performance under the IMF-supported program has been satisfactory.

Furthermore, all quantitative targets set for the end of June 2024 have been met, and progress on essential structural reforms has continued, despite some delays in specific areas.

Addressing the press on Friday, October 4, 2024, Stéphane Roudet said, “The IMF staff and Ghanaian authorities have reached a staff-level agreement on the third review of Ghana’s economic program under the Extended Credit Facility arrangement.”

“Performance under the IMF-supported program has been generally satisfactory. All end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas. The authorities’ policy and reform efforts under the program have continued to deliver encouraging results,” he added.

To stabilize the economy and curb soaring inflation, the government announced its decision on July 1, 2022, to seek a $3 billion financial bailout from the International Monetary Fund (IMF).

Following this, an IMF team visited Ghana from July 6 to July 13, 2022, to discuss a potential economic support program with Ghanaian authorities.

In December 2022, a staff-level agreement was reached between the Government of Ghana and the IMF.

On May 17, 2023, the IMF's executive board approved Ghana's $3 billion loan facility, with the first $600 million tranche disbursed to the Bank of Ghana (BoG) on May 19, 2023.

In January 2024, the second tranche of $600 million was released after Ghana reached a debt restructuring agreement with bilateral creditors.

By July 2024, the government received an additional $360 million as part of the third tranche, credited to the Central Bank’s account on July 2, 2024, following the IMF Executive Board's approval of the second review.

So far, Ghana has received a total of $1.56 billion from the $3 billion IMF bailout, aimed at restoring macroeconomic stability, safeguarding debt sustainability, and achieving broader economic goals.