The IMF and Ghana have reached an agreement on the third review of the country’s $3bn loan programme, the Fund announced on Friday. This marks a key milestone in Ghana’s ongoing efforts to stabilise its economy amidst significant financial challenges.
Ghana, a leading producer of gold and cocoa in West Africa, is nearing the end of a debt restructuring process through the G20’s Common Framework initiative. This restructuring became necessary after Ghana defaulted on the majority of its $30bn international debt in 2022, which plunged the country into economic turmoil.
The IMF noted that Ghana’s performance under the programme has been ‘generally satisfactory,’ suggesting that the country is meeting its reform targets and making strides toward economic recovery.
Once the IMF’s executive board formally completes the review—on a date yet to be announced—Ghana will be eligible to receive an additional $360 million in funding. This financing will play a crucial role in further supporting Ghana’s economic reforms and helping the nation recover from its debt crisis.
The progress of the loan programme and the anticipated funds underline the IMF’s confidence in Ghana’s commitment to implementing the necessary reforms. These efforts are part of a broader attempt to bring inflation under control, ensure fiscal stability, and strengthen the country’s overall economic resilience.
Credit Reuters
