Ghana has secured a $370 million disbursement from the International Monetary Fund (IMF) following the successful completion of the 4th review under the three-year Extended Credit Facility (ECF) Programme.
The Executive Board of the IMF approved the 4th review, after Ghana met all necessary benchmarks, including commitments to fiscal discipline, macroeconomic reforms, and structural adjustments.
This approval brings the total disbursement Ghana has received under the $3 billion ECF programme to over $2.3 billion since its inception in May 2023.
Expressing joy over Board’s decision in an X post, Finance Minister Dr. Cassiel Ato Forson described the approval as a landmark achievement that confirms Ghana’s steadfast commitment to rebuilding a stable, resilient economy.
“This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation. Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports,” he stated.
Ato Forson indicated that the approval indicates that the government’s reform agenda is not just working but has exceeded expectation, bolstering confidence in the country’s fiscal future.
“Today marks another decisive step forward in Ghana’s economic recovery journey, demonstrating that our reform agenda is not just working it’s exceeding expectations and rebuilding confidence in our nation’s financial future.” he said
Ghana’s $3 billion IMF-backed Extended Credit Facility was approved in May 2023 to support the country’s post-COVID economic recovery, restore debt sustainability, and boost investor confidence. The facility was structured into multiple tranches, each tied to performance reviews and the implementation of economic reforms.
So far, Ghana has received four disbursements under the programme: The first tranche followed the initial approval in May 2023, subsequent tranches followed each successful review conducted by IMF staff. The newly approved $370 million marks the fourth major disbursement, bringing total receipts to over $2.3 billion.
The IMF commended Ghana’s progress in stabilizing its economy, noting improvements in foreign reserves, a narrowing fiscal deficit, and stronger growth performance driven by mining, gold exports, and public sector efficiency.
The Finance Minister assured Ghanaians that the government remains focused on prudent fiscal management, inclusive growth, and ensuring that the benefits of the reform programme are felt across all sectors of the economy.
The IMF has expressed its continued support for Ghana as it works to complete the remaining reviews and achieve full implementation of the programme by 2026. Ghana’s next review under the ECF is expected later this year.