The International Monetary Fund (IMF) Board is scheduled to meet in early December to assess and possibly approve a $360 million disbursement for Ghana.

If the disbursement is granted, Ghana’s total disbursements under the IMF’s $3 billion Extended Credit Facility will reach $1.92 billion.

This decision comes after a two-week review of Ghana’s fiscal data, which culminated in a staff-level agreement between the IMF and Ghana on October 4, as part of the third program review.

Julie Kozack, the IMF’s Director of Communications, provided this update during a press briefing in Washington, D.C. on November 21.

“Once the review is completed by the IMF’s executive board, Ghana would have access to about $360 million in terms of disbursement.

“We are working, our staff are working toward a board meeting in early December and will provide additional details on the precise date when we have them,” she added.

Kozack also noted that staff are aiming for a board meeting in early December and promised to provide additional details once a date is set.

She highlighted the positive performance of the program, particularly in relation to Ghana’s debt restructuring efforts.

Looking ahead, she emphasized the need for continued implementation of policy reforms, stressing that ensuring macroeconomic stability and debt sustainability will be key, especially in light of global challenges.

Kozack concluded by saying that further updates on Ghana’s progress would be shared after the board meeting, following the release of the staff report.

“What I can say in addition is that the programme performance has been good. There has been in particular remarkable progress on debt restructuring,” she said.

“Economic growth in the first half of 2024 exceeded our expectations, exceeded our projections. Inflation has declined and the fiscal and external positions have shown marked improvement.

“Looking ahead, what will be important for Ghana will be the continued implementation of the policy and reform agendas, especially given the difficult situation that many countries in the region and globally face. And it remains essential to fully restore macroeconomic stability and debt sustainability.

“And we will, of course, have further updates on Ghana when we release the staff report, when we publish the staff report after the board meeting takes place. And we are just about out of time,” she added.