Ghana is on track to receive approximately US$600 million from the International Monetary Fund (IMF) following the approval of the Executive Board. This financial support comes after a Staff-Level Agreement was reached during discussions with the IMF Mission yesterday.
Mr. Stephane Roudet, IMF Mission Chief for Ghana, announced the forthcoming funds, stating, “Ghana will have access to about US$600 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board.”
“Upon completion of the Executive Board review, Ghana would have access to SDR 451.3 million (about US$600m), bringing the total IMF financial support to SDR 902.8m (about US$1.2m).”
He emphasized that an agreement with official creditors regarding debt treatment aligned with the program’s parameters would be essential for securing the necessary financing assurances.
Roudet acknowledged Ghana’s strong fiscal performance, with the primary deficit on a commitment basis at four percent of Gross Domestic Product (GDP). He also highlighted the country’s macroeconomic policy adjustments, successful domestic debt restructuring, and comprehensive reforms initiated in response to economic and financial challenges.
“These actions are already generating positive results, as growth in 2023 has proven more resilient than initially envisaged, inflation has declined, the fiscal and external positions have improved, and exchange rate has stabilised.”
The IMF Chief Mission urged Ghana’s external creditors to cooperate and agree on an appropriate debt treatment in accordance with the financing assurances provided in May 2023.
The first review of Ghana’s IMF loan support program included meetings with key figures such as Vice President Dr. Mahamudu Bawumia, Finance Minister Mr. Ken Ofori-Atta, and Bank of Ghana Governor Dr. Ernest Addison. Various government agencies and stakeholders were also engaged during this comprehensive two-week review.