IMF unlocks $360 million for Ghana after positive review of economic reforms
Ghana’s path to gradual economic recovery gained momentum as the International Monetary Fund, IMF, passed the second review of its 3 billion dollars loan programme, paving the way for the immediate disbursement of $360 million to the West African nation.
The disbursement follows Ghana’s deal with its official creditor committee, a key requirement for the release of the second tranche.
The latest tranche brings total IMF disbursements under the three-year bailout programme to $1.56 billion, aimed at helping Ghana recover from its worst economic crisis in a generation.
Ghana, a major producer of oil, gold, and cocoa, has been implementing economic reforms to restore macroeconomic stability and debt sustainability.
A statement by the top lenders noted that the West African country’s performance under the programme has been generally commendable.
“The authorities’ strategy aimed at restoring macroeconomic stability and reducing debt vulnerabilities is paying off, with clear signs of stabilization emerging,” IMF Deputy Managing Director Kenji Okamu said.
The IMF’s approval of the second review and disbursement of the third tranche is a positive development for Ghana, indicating the country’s progress in implementing its economic reform programme.
The funds are expected to support Ghana’s efforts to build reserves, strengthen its currency, and implement its budget.
The West African country has witnessed some improvements in its economic conditions throughout 2023 following the macroeconomic crises experienced in 2022, according to the World Bank.
Despite this, persistent challenges remain, mainly characterized by elevated inflation, subdued growth, and substantial pressure on public finances and debt sustainability.
