IMF APPROVES $367M FOR GHANA, BOOSTING ECONOMIC STABILIZATION EFFORTS

Ghana secures $367M from IMF’s fourth review, advancing its $3B bailout to drive economic recovery and reforms.

Ghana imf bailout Economic stabilization Extended credit facility
Managing Director of  IMF, Kristalina Georgieva and Ghana's Minister for Finance, Dr. Cassiel Ato Forson
Managing Director of IMF, Kristalina Georgieva and Ghana's Minister for Finance, Dr. Cassiel Ato Forson
 
The International Monetary Fund (IMF) has completed the fourth review of Ghana’s Extended Credit Facility (ECF), unlocking an immediate disbursement of approximately $367 million, the IMF announced on Monday. This brings total disbursements under the $3 billion, three-year bailout, approved in May 2023, to about $2.3 billion, bolstering Ghana’s efforts to stabilize its economy.

The latest funding supports Ghana’s ongoing economic reforms, including debt restructuring and fiscal consolidation, which have shown promising results.

The IMF bailout, designed to restore macroeconomic stability and debt sustainability, has already contributed to improved economic indicators, prompting Fitch Ratings to revise Ghana’s credit outlook upward in 2024. The program has helped curb inflation, stabilize the cedi, and enhance investor confidence, according to a World Bank report.

Ghana’s finance ministry emphasized the funds’ role in advancing structural reforms and supporting vulnerable populations. The IMF noted that Ghana’s performance under the ECF remains strong, with key targets met, positioning the country for sustained growth.

As West Africa’s second-largest economy, Ghana’s progress is seen as a model for regional recovery, with the IMF’s support fostering resilience amid global economic challenges.

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