Accra, July 7, GNA – The Executive Board of the International Monetary Fund (IMF) has given the green light for an immediate disbursement of US$367 million to Ghana. 

This comes after a completion of the fourth review of the country’s ongoing three-year US$3 billion Extended Credit Facility (ECF) arrangement, expected to end in 2026. 

The review observed a higher-than-expected growth in 2024 and the first quarter of 2025, attributed to robust activities in the mining, agricultural, Information and Communication Technology (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,” the Fund stated in a press release copied to the Ghana News Agency. 

However, the IMF encouraged Ghana to maintain fiscal discipline, complete debt restructuring, enhance revenue mobilisation, improve State-Owned Enterprises’ (SOEs) efficiency, and strengthen financial sector stability. 

The Deputy Managing Director of the IMF, Bo Li, following the review and approval of US$367m, stated that despite large policy slippages and reform delays at end-2024, the new administration had taken bold corrective actions to maintain the programme on track. 

“Combined with ongoing reform efforts and an improved external position, the corrective measures are set to support Ghana in reaching the goals of economic stabilisation, rebuilding resilience, and fostering higher and more inclusive growth,” he said. 

He lauded the government for making the 2025 budget aligned with the programme’s objectives, enacting an enhanced fiscal responsibility framework, the progress made toward rebuilding international reserves and steps taken to bring inflation down. 

“Looking ahead, staying the course of fiscal adjustment and completing the debt restructuring are key to ensure fiscal sustainability,” he said. 

“This should be supported by continued efforts to enhance domestic revenue mobilisation and streamline non-priority expenditure, while creating space for development priorities and enhanced social safety nets,” Mr. Bo Li emphasised. 

He said it was important to improve SOEs’ efficiency by forcefully addressing the challenges in the energy sector and related arrears were critical to contain fiscal risks. 

Commenting on the development, the Ministry of Finance, said the approval showed Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation.  

“Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports,” the Ministry said in a Facebook post.  

“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,” the statement added. 

GNA 

Christian Akorlie