The International Monetary Fund (IMF) has upgraded Ghana’s growth projection for the 2024 fiscal year from 2.8% to 3.1%.

Stephane Roudet, the IMF's Mission Chief, announced the revision, attributing it to emerging signs of economic stabilization in Ghana.

Speaking at a joint press conference with the IMF, Bank of Ghana (BoG), and Finance Ministry on July 1, Roudet noted that Ghana's current growth rate has demonstrated greater resilience than previously anticipated.

“Signs of economic stabilization are emerging; for example, economic growth has proven more resilient than initially envisaged, therefore we are revising our growth projection up from 2.8% to 3.1% for 2024,” Roudet said.

“Inflation is declining rapidly from 54% in December 2022 to 23% in May 2024, and Ghana’s International Reserve has been increasing,” he added.

The latest update on Ghana’s growth projection coincides with the IMF's approval of the second review of the country's US$3 billion Extended Credit Facility program on June 28, 2024.

As a result of this approval, the third tranche of US$360 million is expected to be disbursed into the Bank of Ghana’s account by the close of Monday, July 1, 2024.

This disbursement will bring Ghana’s total disbursements under the IMF ECF arrangement to approximately US$1.6 billion since its initial approval in May 2023.

Prior to this development, Ghana successfully concluded negotiations on debt restructuring with Eurobond investors, involving approximately $13 billion of debt. Eurobond holders have agreed to a nominal haircut of 37%.

Furthermore, creditors now have the choice between two payment options: one with an initial 5% interest rate and the other with a 1.5% interest rate.

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