Ghana has reached a significant milestone in its economic recovery journey, as the International Monetary Fund (IMF) and the government have agreed on economic policies and reforms under the country’s three-year Extended Credit Facility (ECF) program. This agreement unlocks an additional $360 million in financing, bringing the total IMF support since May 2023 to $1.9 billion.
The IMF Mission Chief, Stéphane Roudet, expressed satisfaction with Ghana’s progress, particularly in debt restructuring and economic recovery. “The country has made significant strides, with higher-than-expected growth and a steady decline in inflation,” Roudet noted.
Finance Minister Dr. Mohammed Amin Adam echoed this sentiment, stating that Ghana’s economy is recovering faster than expected, with notable progress in debt restructuring and macroeconomic stability. The completion of the third review of the IMF-supported program will release $360 million in December, marking a historic achievement for Ghana as it meets all performance targets under the program.
Ghana still faces challenges, particularly in the agriculture and energy sectors, which will be addressed through further reforms. This development is a testament to Ghana’s commitment to economic stability and growth. As the country continues to navigate its economic challenges, this IMF funding will provide a crucial boost to its recovery efforts.
The IMF funding is expected to support Ghana’s economic transformation and help the country achieve its development goals. With this agreement, Ghana is poised to continue its progress toward economic stability and growth.
GBC/Ruth Abla ADJORLOLO