The International Monetary Fund (IMF) is set to approve a $360 million disbursement to Ghana following the country’s successful completion of the third review under its Extended Credit Facility (ECF) program. The IMF board is expected to meet in early December to finalize the decision.
Julie Kozack, the IMF’s Director of Communications, announced the development during a press briefing in Washington, D.C. “Once the review is completed by the IMF’s executive board, Ghana will have access to approximately $360 million in disbursements,” she confirmed.
She noted that the IMF staff is working toward the early December meeting, with the exact date to be announced soon.
Highlighting the progress Ghana has made, Ms. Kozack described the program’s performance as promising, particularly regarding debt restructuring efforts. “Programme performance has been good, with remarkable progress on debt restructuring,” she remarked.
Ghana has also achieved significant macroeconomic milestones under the program, reflecting a gradual recovery. “Economic growth in the first half of 2024 surpassed our projections. Inflation has decreased, and the fiscal and external positions have improved markedly,” Ms. Kozack stated.
However, she cautioned against complacency, emphasizing the importance of staying the course with reforms. “It is crucial for Ghana to continue implementing policy and reform agendas to ensure macroeconomic stability and debt sustainability, especially in the challenging global and regional economic context,” she said.
The IMF plans to publish a detailed staff report on Ghana’s performance after the board meeting.
Ghana and the IMF reached a staff-level agreement on October 4 regarding economic policies and reforms for the third review of the ECF program. This agreement paved the way for the upcoming board meeting and potential disbursement approval.
SOURCE: http://dew360.net
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