Ghana’s economy has received a significant boost as the International Monetary Fund (IMF) approved the fourth review under the Extended Credit Facility (ECF), unlocking a $370 million disbursement.
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Finance Minister Dr. Cassiel Ato Forson confirmed the news in a statement on July 7, describing it as a “landmark approval” that reinforces Ghana’s economic 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 announced.
Dr. Forson emphasized that this development highlights international confidence in Ghana’s fiscal and structural reform strategies. He said the approval confirms the government’s strong commitment to macroeconomic stability and growth-oriented policies.
Ghana entered into the $3 billion IMF programme in May 2023 to reverse severe economic challenges, including inflation spikes, currency depreciation, and high debt levels. The ECF framework requires regular progress reviews to assess performance.
Dr. Forson stated that Ghana’s performance has exceeded expectations.
“Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports,” he said.
The newly approved funds are expected to support budgetary operations, strengthen the cedi, and help meet external debt obligations. This disbursement comes as Ghana continues discussions with Eurobond holders and external creditors to restructure its debt under the G20 Common Framework.
The Finance Minister concluded that the approval represents a crucial milestone in Ghana’s economic recovery:
“This demonstrates that our reform agenda is not just working, it’s exceeding expectations and rebuilding confidence in our nation’s financial future.”
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