By Rachel Asamoah
The International Monetary Fund (IMF) and government have reached a staff-level agreement on economic policies and reforms under the country’s three-year Extended Credit Facility (ECF) program.
Once approved by IMF Management and the Executive Board, Ghana will gain access an additional 360 million dollars in financing, bringing the total IMF support since May 2023 to 1.9 billion dollars.
In a joint press briefing in Accra, Mission Chief, Stéphane Roudet noted that the country’s progress, particularly in debt restructuring and economic recovery, has been significant, with higher-than-expected growth and a steady decline in inflation.
However, challenges remain in sectors such as agriculture and energy, with further reforms planned to address these issues.
Finance Minister, Dr. Mohammed Amin Adam stated that Ghana’s economy is recovering faster than expected, with significant progress in debt restructuring and macroeconomic stability.
He confirmed the completion of the third review of the IMF-supported program, which will unlock 360 dollars million in December, marking the first time Ghana has met all performance targets under the program.