The International Monetary Fund (IMF) Executive Board has completed the third review of Ghana’s 36-month, $3 billion Extended Credit Facility (ECF) program, initially approved in May 2023.
The review’s conclusion paves the way for an immediate disbursement of Special Drawing Rights (SDR) 269.1 million (approximately $360 million), bringing total disbursements under the program to around $1.9 billion.
According to the IMF, Ghana’s economic reforms and policy adjustments under the program have produced encouraging outcomes.
Deputy Managing Director Bo Li noted that the country’s economic strategy is “delivering on its objectives,” with key indicators such as growth and fiscal performance showing improvement.
Bo Li emphasised the importance of sustained reform implementation to address structural vulnerabilities, especially in sectors like energy and cocoa, and to solidify Ghana’s fiscal framework.
The IMF has urged Ghana to, among other things, Looking ahead, the IMF urges Ghana to Strengthen tax administration and expenditure control, modernize fiscal responsibility frameworks and tackle challenges in the energy sector to mitigate fiscal risks.
The IMF reaffirmed its commitment to supporting Ghana’s path to sustainable growth, stating that steadfast reform implementation is critical to achieving long-term macroeconomic stability and poverty reduction.
 Executive Board has completed the third review of Ghana’s 36-month, $3 billion Extended Credit Facility (ECF)){kind=link}