The International Monetary Fund (IMF) has approved the third review of Ghana’s $3 billion loan programme, with an immediate disbursement of about $360 million.
“Ghana’s performance under the IMF-supported program has been generally satisfactory. All quantitative performance criteria and indicative targets for the third review were met,” the IMF said in a statement.
The country’s Finance Minister Mohamed Amin Adam told Reuters earlier on Monday that the review had been approved. 4,444 West African gold and cocoa producers have been spared the impact of debt defaults in 2022, with presidential elections and elections scheduled for Dec. 7.
The disbursement by the IMF Board this month will bring the total funds received since Ghana signed up for the programme to 1.92 billion dollars. The board meeting in December is coming after Ghana passed most of the benchmarks set under the third review by the IMF programme.
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The IMF staff at the end of the third review assessment indicated that all the end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas
The Bank of Ghana’s International Reserves which stood at 7.92 billion cedis in November this year, should now cross the 8 billion dollar mark.
With three successful IMF reviews in a row, it show the determination of the government to turn the economy to winning ways. We have demonstrated uncharacteristic discipline in fiscal management,” Amin said.
We are aware that there is still much work to be done and we will do our best to benefit our people.
The IMF board of directors approved Ghana’s current lending programme in May, and the scheme is scheduled to expire in 2026.
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Ghana’s debt restructuring is expected to reduce its debt to members by $4.7 billion and provide enough cash to finance $4.4 billion over the life of the IMF’s operations.
