Ghana has received a fresh disbursement of $367 million from the International Monetary Fund (IMF), following the successful completion of its fourth review under the $3 billion Extended Credit Facility (ECF) programme.
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The funds, which hit the Bank of Ghana’s account on July 9, mark the fifth tranche since the programme was launched in May 2023. This latest injection is expected to strengthen Ghana’s foreign reserves, stabilise the cedi, and help meet urgent balance-of-payment needs.
The IMF deal, agreed in 2023, is part of Ghana’s strategy to restore debt sustainability and speed up structural and fiscal reforms after a period of economic turbulence marked by high inflation and sharp currency depreciation.
Finance Minister Dr. Cassiel Ato Forson said Ghana has so far performed above expectations, restoring both domestic and international confidence in the economy.
“This disbursement will support budget operations and help the country meet its external obligations,” he stated.
As Ghana continues debt restructuring talks with Eurobond holders and other external creditors under the G20 Common Framework, the IMF support is seen as a crucial buffer.
Experts call for strategic use of funds
Some economists have urged the government to channel the funds into critical sectors such as agriculture and infrastructure to promote growth and long-term economic resilience.
“We should use it to support agriculture and resume key road projects that have stalled. Agriculture should be central to the 24-hour economy initiative,” said Professor Patrick Asuming.
The IMF support comes at a pivotal time, as the country navigates economic recovery efforts while keeping an eye on macroeconomic stability and growth.
