By: Kenneth Appiah Bani
The International Monetary Fund (IMF) has approved Ghana’s Fourth Review under the Extended Credit Facility (ECF) Programme, unlocking a substantial $370 million disbursement to support the country’s ongoing economic recovery efforts.
The decision, which marks the fifth tranche of funding under the $3 billion ECF arrangement, follows a successful review of Ghana’s economic performance and policy reforms. With this disbursement, Ghana has now received over $1.2 billion from the IMF since the programme’s inception in May 2023.
Finance Minister Dr. Cassiel Ato Forson, who announced the development in a Facebook post, said the approval reflects growing international confidence in Ghana’s reform agenda.
“The IMF Executive Board has just approved Ghana’s 4th Review under the ECF Programme, clearing the path for a substantial $370 million disbursement!” he wrote.
“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!”
“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.”
The IMF’s approval followed a comprehensive evaluation of Ghana’s progress in meeting key fiscal targets, debt restructuring strategies, and structural reforms. It signals that Ghana has met the required performance benchmarks under the ECF Programme.
The funds will provide vital budgetary support, helping the government to sustain critical public services, maintain macroeconomic stability, and advance its development agenda.
The IMF commended Ghana for its strong policy commitment and resilience in the face of global and domestic economic challenges. The successful review is also expected to boost investor confidence and attract further support from development partners.
Ghana joined the ECF programme to address fiscal imbalances, high debt levels, and economic instability. The programme aims to restore debt sustainability, reduce inflation, and lay the groundwork for sustainable, inclusive growth.
As Ghana continues on its reform path, the next IMF review is anticipated later this year. Government officials have reaffirmed their dedication to implementing bold and transparent measures to ensure long-term economic stability and social progress.
