The International Monetary Fund (IMF) has revised its growth projection for Ghana from 2.8% to 3.1 % for this year, the IMFs mission chief for Ghana, Stéphane Roudet, has said.
The IMF executive board on Friday (28 June) approved the second review of Ghana’s US$3 billion loan programme.
The latest approval allows for the immediate disbursement of $360 million to the country to boost its economic recovery.
The decision comes after Ghana finalised a deal with its official creditor committee – a step that had been a prerequisite to unlock the second tranche of funding.
The new tranche will take total IMF disbursements under the three-year bailout programme, designed to help Ghana out of its economic challenges, to roughly $1.6 billion.
Speaking at a joint IMF/Ministry of Finance news conference in Accra on Monday (1 July), Roudet said: “Signs of economic stabilisation are emerging. For example, economic growth has proven more resilient than initially envisaged. Therefore, we are revising our growth projection up from 2.8% to 3.1% for 2024.
“Inflation is declining rapidly, from 54 % in December 2022 to 23% in May 2024, and Ghana’s international reserves have been increasing,” he added.
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