The International Monetary Fund (IMF) Executive Board has approved the final review of Ghana’s $3 billion Extended Credit Facility (ECF) programme, paving the way for a final disbursement of about $371 million to the country, the Ministry of Finance said on Monday.
The approval brings to a successful conclusion the three-year IMF-supported programme, which began in May 2023 following Ghana’s 2022 economic crisis.
The Executive Board of the International Monetary Fund (IMF) has approved the final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, bringing the bailout programme, which began in May 2023 following the 2022 economic crisis, to a successful conclusion,” the ministry said in a statement.
According to the ministry, the approval also unlocks a final disbursement of approximately $371 million to support Ghana’s balance of payments, bringing total disbursements under the programme to about $3 billion.
The government said the successful completion of the programme reflected “the significant progress Ghana has made in ensuring economic stability,” citing fiscal discipline, lower inflation, stronger external buffers and the implementation of key reforms.
With the ECF programme now concluded, the government said it would begin a new phase of engagement with the IMF through a 36-month, non-financing Policy Coordination Instrument (PCI), aimed at supporting its reform agenda and sustaining confidence in Ghana’s economic policies.
The government thanked the Ghanaian people for their resilience and support throughout the reform programme and expressed appreciation to the IMF Executive Board, management and staff, development partners, civil society and the private sector for their continued backing.
It also pledged to protect the gains achieved under the programme by implementing reforms to build what it described as “a stronger, more resilient, and more prosperous economy for all Ghanaians.”
Comments