Ghana to receive $360m from IMF following board approval

Ghana has secured the International Monetary Fund’s (IMF) Board approval for the second review of the IMF-supported post-COVID-19 Programme for Economic Growth (PC-PEG).

This allows for the immediate disbursement of SDR 269.1 million (about US$360 million) to Ghana.

According to the IMF, Ghana’s performance under the programme has been generally strong.

The Bretton Woods institution said in a statement on Friday: “All quantitative performance criteria for the second review and almost all indicative targets were met. Good progress is being made on the debt restructuring, and key structural reforms are advancing.”

The IMF indicated in the statement that Ghana’s reform efforts are paying off as growth has proven more resilient than expected, inflation has declined rapidly from its 2022 highs, and the fiscal and external positions have improved significantly.

In a post on X, Minister of Finance Dr. Mohammed Amin Adam stated that Ghana remained committed to implementing its strong reform programme to ensure macroeconomic stability.

He thanked President Nana Addo Dankwa Akufo-Addo for his strong leadership and the IMF for its commitment to Ghana.

“Ghana has today secured IMF Board Approval for the 2nd review of the IMF-supported PC-PEG. This will trigger the release of the third tranche of $360million under the ECF. We remain committed to implementing our strong reform programme, towards ensuring macroeconomic stability.”

“I thank the President for his strong leadership; the IMF for their commitment to Ghana; our bilateral & development partners for their staunch support;& all the hardworking staff of the @MoF_Ghana for their tireless efforts to entrench Ghana’s economic stability #GhanaRising,” he stated.