IMF reaches staff-level agreement for 2nd review
Ghana has secured $360 million from the International Monetary Fund (IMF) pending approval by the Fund’s Board.
This funding comes after reaching a Staff-Level agreement for the second review of the extended credit facility. The agreement was reached during meetings in Accra led by Stéphane Roudet, the IMF’s Mission Chief for Ghana, from April 2-12.
The total amount approved by the IMF Executive Board under the Extended Credit Facility is $3 billion, with $360 million being made available pending approval by the Executive Board. This brings the total IMF financial support disbursed under the arrangement since May 2023 to about $1,560 million.
Mr. Roudet highlighted Ghana’s strong performance under the IMF-supported program, noting that most quantitative targets have been met and progress has been made on key structural reforms. He also mentioned that economic activity was better than expected in 2023 and growth projections for 2024 are expected to improve.
On the fiscal front, Ghana has shown improvement in its fiscal primary balance and is on track to achieve a fiscal primary surplus in 2024. Spending has remained within budget limits, and social protection programs have been expanded to support the most vulnerable.
The IMF team praised Ghana’s efforts and expressed gratitude for the open and constructive engagement with the authorities and other stakeholders. The next step for Ghana is to reach an agreement with official bilateral creditors in line with the terms agreed in January 2024.
There is a good reason why you should support the African Editors. Not everyone can afford to pay for news right now. That is why we keep our journalism open for everyone to read, including in Ghana. If this is you, please continue to read for free. But if you are able to, then there are three good reasons to support us today.
1. Our quality, journalism is a scrutinising force at a time when the rich and powerful are getting away with more and more.
2. We are independent and have no billionaire owner pulling the strings, so your money directly powers our reporting.
3. It doesn’t cost much, and takes less time than it took to read this message.
Help power the African Editors' journalism for the years to come, whether with a small sum or a larger one. If you can, please support us on a monthly basis from just 1 Ghana Cedi through mobile money number: 0599896099/ +23359989609 and you can be rest assured that you’re making a big impact every single month in support of open, independent journalism. Thank you.
