IMF to Approve $360M Disbursement for Ghana in December

The International Monetary Fund (IMF) is expected to convene in early December to review and potentially approve a $360 million disbursement to Ghana.

If approved, this payment would increase Ghana’s total disbursements under the IMF’s $3 billion Extended Credit Facility to $1.92 billion.

This decision follows a two-week evaluation of Ghana’s fiscal data, culminating in a staff-level agreement reached on October 4 during the third review of the program.

Julie Kozack, the IMF’s Director of Communications, shared the update at a press briefing in Washington, D.C., on November 21.

“Once the IMF executive board completes its review, Ghana will have access to approximately $360 million in disbursements. Our staff is working toward a board meeting in early December, with precise details on the date to follow,” Kozack said.

She praised Ghana’s progress under the program, particularly in meeting debt restructuring requirements, and described the performance as “encouraging.”

“Economic growth in the first half of 2024 exceeded projections, inflation has decreased, and fiscal and external positions have significantly improved,” Kozack noted.

She emphasized the importance of continued reforms to maintain macroeconomic stability and debt sustainability amidst regional and global challenges. Further details will be available after the board meeting when the staff report is published, she added.