IMF To Review Ghana's Program, Potential Access To $600 Million Funding

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The International Monetary Fund (IMF) has underscored Ghana's prospect of accessing approximately $600 million pending the Board's review of the country's program. This potential disbursement is contingent upon the conclusion of debt restructuring negotiations, particularly with external creditors like China, who have proposed a revised cut-off date.

READ ALSO: IMF Optimistic About Ghana's External Debt Restructuring Agreement

Speaking at a press conference in Washington D.C., USA, Julie Kozack, Director of the IMF's Communications Department, highlighted the necessity for Ghana to wrap up discussions with external creditors to facilitate Board approval for the disbursement of the $600 million financing tranche. She emphasized the criticality of reaching an agreement on debt treatment, consistent with the program objectives and previous financing assurances provided by creditors.

The International Monetary Fund is optimistic that the Ghana government and the Official Creditor Committee will soon reach an agreement, allowing the Fund's Board to approve Ghana's program. This approval would release the second tranche of the 3 billion Extended Credit Facility, totaling 600 million. 

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Julie Kozak, Director of the IMF's Communications Department, stated that discussions between the Ghanaian authorities and the Official Creditor Committee are ongoing, and expressed hope for a swift agreement to bring the program to the Board. 

Kozak also highlighted the positive impact of Ghana's strong policy and reform commitments under the three-year IMF program, noting signs of economic stabilization and improved fiscal and external positions. She emphasized the need for timely completion of the review and agreement on debt treatment by official creditors and the Ghanaian authorities. 

READ ALSO: 2024 Budget Should Have Been Bolder, With Plans To Leave IMF Program – Dr. Patrick Asuming

The deal between Ghana and the IMF in December 2022 aimed to revive the country's ailing economy, with successful adjustments to macroeconomic policies and domestic debt restructuring.

Addressing Ghana's macroeconomic performance, Ms. Kozack noted the resilience of growth in 2023, observing an improved inflation outlook and enhanced fiscal and external positions. Additionally, she highlighted a reduction in exchange rate volatility, reflecting a more stable economic landscape.

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