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 The International Monetary Fund (IMF) has approved a $360 million disbursement to Ghana as part of its $3 billion Extended Credit Facility (ECF) program. 



This decision follows the successful completion of the third review of Ghana’s performance under the program, announced on December 2, 2024.



With this latest disbursement, Ghana&#8217;s total receipts from the ECF will rise to $1.92 billion, and the funds are expected to be credited to the Bank of Ghana (BoG) by the end of this week.



In its statement, the IMF commended Ghana’s performance under the ECF, noting significant progress in economic recovery and reforms. 



“Ghana’s performance under the programme has been generally satisfactory, and reform efforts are paying off. Growth is recovering rapidly, inflation has declined—although at a slower pace—and the fiscal and external positions have continued to improve,” the IMF stated.



The organization highlighted Ghana&#8217;s advancements in restructuring its public debt, which included successful domestic debt restructuring last year. 



Additionally, Ghana reached a Memorandum of Understanding with its Official Creditors Committee under the G20 Common Framework in June 2024, and completed the exchange of Eurobonds in line with program parameters. 



Ongoing discussions with external commercial creditors aim to ensure that restructuring meets program conditions and maintains comparability of treatment.



The Bank of Ghana has also been noted for its prudent monetary policy, which supports inflation reduction and the rebuilding of international reserves amid heightened risks. 



Measures to stabilize the financial sector have included promoting timely recapitalization of banks, recapitalizing state-owned banks within available resources, and ensuring the viability of financial institutions through regulatory actions.



The IMF’s endorsement of Ghana’s efforts underscores the country’s commitment to fiscal discipline, economic reforms, and effective debt management.

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$360 Million IMF Approved Disbursement to Hit BoG

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AUTHOR: Perpetual Tweneboah Koduah

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