Ghana has secured a $380 million disbursement from the International Monetary Fund (IMF) following the successful completion of the 5th review under the three-year Extended Credit Facility (ECF) Programme, drawing the country closer to ending its 17th bailout from the Bretton Woods organization
The Executive Board of the IMF approved the 5th review, after Ghana met all necessary benchmarks, including commitments to fiscal discipline, macroeconomic reforms, and structural adjustments.
This approval brings the total disbursement Ghana has received under the $3 billion ECF programme to over $2.8 billion since its inception in May 2023.
Finance Minister Dr. Cassiel Ato Forsonstated that the hard commended Ghana for the strong program performance, placing emphasis on key reforms including disciplined fiscal and monetary policy implementation, and steady advances in government reforms an indication of Ghana’s steadfast commitment to rebuilding a stable, resilient economy.
Ghana’s $3 billion IMF-backed Extended Credit Facility was approved in May 2023 to support the country’s post-COVID economic recovery, restore debt sustainability, and boost investor confidence. The facility was structured into multiple tranches, each tied to performance reviews and the implementation of economic reforms.
So far, Ghana has received five disbursements under the programme: The first tranche followed the initial approval in May 2023, subsequent tranches followed each successful review conducted by IMF staff. The newly approved $380 million marks the fifth major disbursement, bringing total receipts to over $2.8billion.
The IMF commended Ghana’s progress in stabilizing its economy, noting improvements in foreign reserves, a narrowing fiscal deficit, and stronger growth performance driven by mining, gold exports, and public sector efficiency.
The Finance Minister assured Ghanaians that the government remains focused on prudent fiscal management, inclusive growth, and ensuring that the benefits of the reform programme are felt across all sectors of the economy.
The IMF has expressed its continued support for Ghana as it works to complete the remaining reviews and achieve full implementation of the programme by 2026. Ghana’s next review under the ECF is expected later this year.
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