Ghana to receive fourth tranche of $360 million from IMF in December

Francis Ntou

Accra, November 23, GNA – Ghana is expected to receive an additional US$360 million from the IMF, with the bank’s Executive Board due to consider and approve the third review of the country’s program on December 2, 2024.

The IMF’s Executive Board calendar indicates that it will meet in December to review Ghana’s third installment under the Extended Credit Facility (ECF) amounting to US$3 billion.

IMF communications director Julie Kozak confirmed to the Ghana News Agency that staff were preparing for the meeting.

Since the commencement of the ECF agreement, Ghana has consistently achieved the required targets, resulting in the approval of all previous reviews.

“Once the review is approved by the IMF Executive Board, Ghana will have access to approximately US$360 million in disbursements,” Ms Kozak said during a press briefing.

This follows a staff level agreement reached between Ghana and the IMF mission team in October 2024, which acknowledged that Ghana’s performance under the ECF program was deemed “satisfactory.”

Approval of the third restatement will result in a payment of US$360 million, increasing the total disbursement from May 2023 to 1.441 million Special Drawing Rights (SDRs) (approximately US$1.92 billion).

Commenting on the country’s compliance with the current loan agreement, Ms. Kozak said: “The results of the program have been good. Significant progress has been made in debt restructuring.”

She said economic growth in the first half of 2024 exceeded expectations, inflation fell, fiscal improvements were observed and the country’s external position strengthened, all reflecting the country’s positive performance.

“Looking to the future, it will be important for Ghana to continue to implement reform policies and programs, especially given the challenging situation facing many countries in the region and around the world,” she said.

Ms. Kozak emphasized that continuing these efforts will be critical to fully restoring macroeconomic stability and ensuring debt sustainability, which are the main goals of the three-year program.

“Of course, we will have more information about Ghana when we release the staff report after the board meeting,” she said.

PNS