The fourth review of Ghana’s Extended Credit Facility (ECF) arrangement with the International Monetary Fund (IMF) is scheduled for April this year.
Upon the completion of the review and the subsequent approval by the IMF Executive Board, Ghana would receive additional funding.
This was disclosed in a statement issued by the IMF in Accra on Friday, following a visit led by Mission Chief Stéphane Roudet to Ghana from February 10-14. The visit was part of the IMF’s regular engagement with the Ghanaian authorities and other stakeholders.
In July 2022, former President Nana Addo Dankwa Akufo-Addo instructed then-Finance Minister Ken Ofori-Atta to begin formal negotiations with the IMF. As a result, the IMF approved a $3-billion, 36-month ECF arrangement with Ghana in May 2023.
Under the IMF-supported arrangement, Ghana has accessed approximately $1.92 billion in total disbursements, including a recent $360 million following the third review. The first tranche of $600 million was disbursed immediately, and the second $600 million tranche was also approved for immediate release.
The third ECF review allowed for a disbursement of SDR 269.1 million (about $360 million), bringing the total disbursed under the arrangement to about $1.92 billion.
The IMF-supported program aims to assist Ghana’s economic reforms and address key fiscal and monetary challenges.
Regarding the IMF team’s visit, Mission Chief Roudet stated that the team engaged with the Ghanaian authorities on recent macroeconomic developments.
The team also began discussions on the policies that will guide the 2025 budget, with the dialogue expected to continue in the coming weeks. Additionally, the mission reviewed the progress made by the authorities in meeting key commitments under the IMF-supported program, which will be formally assessed.
The statement also highlighted that IMF staff held meetings with former President John Dramani Mahama, Finance Minister Dr. Cassiel Ato Baah Forson, Bank of Ghana Acting Governor Dr. Johnson Asiama, and other government officials, as well as key stakeholders.
The staff expressed their gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support during the mission.
