IMF Deal: Ghana Gets $367 Million Disbursement After Successful Fourth Review
- The International Monetary Fund has approved the disbursement of about $367 million to Ghana after its latest review
- The new funding brings the total disbursements under the Extended Credit Facility arrangement to around $2.3 billion
- Finance Minister Cassiel Ato Forson hailed the update as being key to Ghana's strategic economic transformation
The International Monetary Fund has approved the disbursement of about $367 million to Ghana.
This is after the Executive Board completed the fourth review under its Extended Credit Facility arrangement with Ghana.
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The new funding brings the total disbursements under the IMF deal to around $2.3 billion.
The IMF, in a statement, said Ghana's fiscal growth exceeded expectations.
"Growth in 2024 and the first quarter of 2025 was higher than expected, reflecting robust activity in the mining, agricultural, ICT, manufacturing, and construction sectors."
"The external sector has seen considerable improvement, driven by solid exports—particularly gold and to a lesser extent oil—and higher remittances. As a result, the accumulation of international reserves has far exceeded the ECF-supported program targets."
It, however, reminded that the government's performance waned towards the end of the Akufo-Addo administration.
This notwithstanding, it noted that the Mahama administration has adopted strong corrective measures to address the fiscal impact of the 2024 slippage.
Finance minister hails IMF disbursal
Finance Minister Cassiel Ato Forson said the disbursment validated Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation.
In a statement, he expressed hope that this will continue Ghana's bid for economic recovery.
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"Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognises and supports."
"Today marks another decisive step forward in Ghana’s economic recovery journey, demonstrating that our reform agenda is not just working - it’s exceeding expectations and rebuilding confidence in our nation’s financial future."
Ghana's IMF journey
Ghana started restructuring its public debt in December 2022 to qualify for the $3 billion support from the IMF.
The country received $600 million when it agreed to the IMF programme in May 2023.
However, further disbursements have been contingent on restructuring the country's debt.
In October 2023, the IMF reached a staff-level agreement with Ghana on the first review of Ghana's economic program under the Extended Credit Facility arrangement.
After taking power, President John Mahama said there were no plans to extend Ghana’s current $3 billion Extended Credit Facility with the International Monetary Fund (IMF).
IMF endorses GH¢1 increase in fuel tax
YEN.com.gh reported that the IMF is in support of the GH¢1 increase per litre in taxes on fuel products.
Speaking at a press briefing, Julie Kozack, Director of the IMF’s Communications, said the increase was a strategic measure aligned with the country’s fiscal goals under Ghana's ongoing IMF Extended Credit Facility programme.
The government said the tax increase is needed to support the clearing of the $3.1 billion energy sector debt.
Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.
Source: YEN.com.gh
