The Government of Ghana has reached a staff-level agreement with the International Monetary Fund (IMF) following the successful conclusion of the second review of its program with the Fund. This will enable Ghana to access US$360 million in financing once it is approved by the IMF Management and formally ratified by the IMF Executive Board.
However, the IMF has emphasized the importance of Ghanaian authorities reaching an agreement with their official creditors on a Memorandum of Understanding (MoU) for debt restructuring, which is crucial for providing the necessary financing assurances. These assurances are essential considerations for the approval of the staff-level agreement by the IMF Executive Board and Management.
According to Stephane Roudet, the IMF Mission Chief for Ghana, upon completion of the Executive Board review, Ghana will have access to SDR 269.1 million (about $360 million).
“Performance under the IMF-supported program has been generally strong, with most quantitative targets met. Good progress has also been made on the key structural reform milestones. The authorities’ policies and reforms to restore macroeconomic stability and debt sustainability while laying the foundations for stronger and more inclusive growth are already generating positive results.”
This latest funding round brings the total IMF financial support disbursed since May 2023 to approximately $1.56 billion (SDR 1,171.9 million). The IMF also noted significant improvements in the external sector, with international reserve accumulation surpassing program objectives, and financial stability being maintained, evidenced by banks reporting solid profits in 2023.
“The external sector has improved significantly, with international reserve accumulation ahead of program objectives. Financial stability has been preserved, with banks posting solid profits in 2023″, the Fund observed.
