The International Monetary Fund (IMF) has scheduled early July for the Executive Board’s review of Ghana’s fourth programme assessment under the Extended Credit Facility (ECF).
According to IMF Communications Director Julie Kozack, the review if approved will unlock a disbursement of approximately $370 million.
This will bring total disbursements under the programme to about $2.4 billion since its approval in 2023.
The review forms part of efforts to support Ghana’s economic recovery and debt sustainability agenda under the ECF arrangement.
On April 15, the IMF staff and Ghanaian authorities reached a staff level agreement on the fourth review of Ghana’s extended credit facility. Upon approval by our executive board, Ghana will be scheduled to receive about $370 million, bringing total support under the ECF to $2.4 billion since May of 2023. We anticipate bringing review to our board early July so in just a few weeks,” IMF Communications Director Julie Kozack said at a press briefing.
In the meantime, the Fund will examine the recent currency gains during future reviews of the country’s economic reform agenda under the Extended Credit Facility (ECF).
The cedi has posted notable appreciation against major foreign currencies in recent weeks, reversing a trend of persistent depreciation.
Julie Kozack stated that the Fund is closely tracking all key macroeconomic indicators, including exchange rate movements, to ensure that Ghana’s economic targets remain on course.
As we look at the programme, we assess all developments including the exchange rate. Future programme reviews will allow our teams to carefully evaluate the evolving macroeconomic and financial conditions and confirm whether the programme’s targets remain appropriate and achievable,” Kozack said.
Comments