Ghana Receives $360 Million Boost From IMF

In a significant development, the Executive Board of the International Monetary Fund (IMF) has approved the disbursement of $360 million to Ghana.

This financial injection is part of the country’s $3 billion Extended Credit Facility (ECF) program, which aims to support Ghana’s economic recovery and stability.

The approval of the disbursement comes on the heels of Ghana’s successful completion of its third review under the program. This review assessed Ghana’s progress in implementing economic reforms and meeting the program’s objectives.

According to the IMF, Ghana’s performance under the program has been “generally satisfactory.” The country has made significant progress in restructuring its debt, with the successful exchange of its Eurobonds and agreements with official creditors.o

The IMF also noted that Ghana’s economic growth is recovering rapidly, with inflation declining, albeit at a slower pace. The country’s fiscal and external positions have also continued to improve.

The $360 million disbursement is expected to support Ghana’s economic recovery efforts, particularly in the areas of fiscal consolidation, debt restructuring, and financial sector stability.

In a statement, IMF Deputy Managing Director Bo Li emphasized the importance of Ghana’s continued commitment to economic reforms, stating that “steadfast program implementation remains essential to fully and durably restore macroeconomic stability and debt sustainability”.

Overall, the approval of the $360 million disbursement is a positive development for Ghana, reflecting the country’s progress in implementing economic reforms and its commitment to restoring macroeconomic stability.

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