IMF hits Staff-Level Agreement on 3rd review with Ghana

An International Monetary Fund (IMF) team, led by Stéphane Roudet, the Mission Chief for Ghana, has finalized a Staff-Level Agreement regarding the third review of the Extended Credit Facility with the Ghanaian government.

Meetings took place in Accra from September 24 to October 4, 2024, focusing on the progress of reforms and the government’s policy priorities.

Mr. Roudet stated, “The IMF staff and Ghanaian authorities have reached a staff-level agreement on the third review of Ghana’s economic program under the Extended Credit Facility arrangement.”

This agreement is contingent upon approval from IMF Management and consideration by the Executive Board.

Once the Executive Board review is complete, Ghana is set to receive SDR 269.1 million (approximately US$360 million), increasing the total financial support disbursed under this arrangement since May 2023 to SDR 1,441 million (around US$1,920 million).

The statement noted that the program’s performance has been generally satisfactory, with all end-June 2024 quantitative targets achieved and ongoing progress in key structural reforms, despite some delays.

The IMF team remarked that the program’s policies and reforms have yielded encouraging results.

Details indicated that economic growth in the first half of 2024 exceeded initial expectations, driven by sectors such as mining, construction, and information and communication, with growth sources broadening in the second quarter as inflation declined.