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The International Monetary Fund (IMF) and Ghanaian authorities have reached an agreement on a third review of the country’s US$3 billion loan programme, the IMF said in a statement on Friday.
The IMF from Tuesday (24 September) to Friday (4 October) has been meeting with Ghanaian authorities in Accra to discuss the progress on reforms and the authorities’ policy priorities in the context of the third review of Ghana’s three-year programme under the Extended Credit Facility.
The IMF staff team led by Stéphane Roudet, mission chief for Ghana, met with Finance Minister Mohammed Amin Adam, Bank of Ghana (BoG) Governor Ernest Addison, and their teams, as well as representatives from various government agencies.
At the end of the mission, Roudet, “The IMF staff and Ghanaian authorities have reached a staff-level agreement on the third review of Ghana’s economic programme under the Extended Credit Facility arrangement.”
He explained that the agreement, which would see Ghana have access to about US$360 million, is subject to IMF management approval and Executive Board consideration and would bring the IMF’s financial support disbursed to about US$1.92 billion.
“This staff-level agreement is subject to IMF management approval and executive board consideration. Upon completion of the Executive Board review, Ghana would have access to SDR 269.1 million (about US$360 million), bringing the total IMF financial support disbursed under the arrangement, since May 2023, to SDR 1,441 million (about US$1,920 million).”
Roudet stated that the authorities under the IMF-supported programme have been generally satisfactory, saying that the authorities’ policy and reform efforts under the programme have continued to deliver encouraging results.
“Performance under the IMF-supported programme has been generally satisfactory. All end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas. The authorities’ policy and reform efforts under the programme have continued to deliver encouraging results.”
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