Ghana Nears IMF Approval For $360 Million Tranche In Economic Support

Ghana is on the verge of securing board approval from the International Monetary Fund (IMF) for the third tranche of $360 million from its $3 billion extended credit facility.

This development follows the country’s successful implementation of the support programme aimed at stabilizing the economy and fostering sustainable growth, which has shown better-than-expected results.

To date, Ghana has received $1.2 billion in IMF funding, which has been pivotal in aiding fiscal consolidation, bolstering foreign exchange reserves, and supporting general economic recovery.

The IMF has noted that Ghana is meeting the necessary economic and policy benchmarks, bringing the country closer to the next disbursement.

Julie Kozack, the IMF’s Director of Communications, expressed confidence in Ghana’s progress during a recent press conference in Washington, D.C.

She stated, “On April 13th, IMF staff and the Ghanaian authorities reached a staff-level agreement for the second review of the programme. The aim is to bring the review to the IMF’s Executive Board before the end of June, and once approved by the Board, the review would give Ghana access to about $360 million.”

Ghana is expected to receive the approval for the third tranche when the IMF’s Executive Board meets in June, following the successful staff-level agreement on the second review of the loan-support programme. The Fund has indicated that no additional adjustments will be required from the Ghanaian government for this tranche.

Optimism is high within the Ghanaian government that ongoing discussions among official creditors will conclude favorably, enabling the release of the third tranche of funds.

Economic indicators such as growth projections, inflation rates, fiscal and external positions, and exchange rate stability have all shown significant improvement, underscoring the effectiveness of the current policy and reform efforts.

Source: Ghanaweb