The International Monetary Fund has approved $367 million for Ghana following successful completion of the fourth review under its Extended Credit Facility arrangement, despite fiscal challenges during the 2024 election period.
The disbursement follows Ghana’s $349.52 million Eurobond debt service payment, demonstrating the country’s commitment to meeting international obligations. Finance Minister Cassiel Ato Forson described the approval as validation of Ghana’s economic reform agenda.
The IMF commended Ghana’s new administration for adopting strong corrective measures to address fiscal slippages caused by election-related spending. These efforts ensure the program remains on track with structural reform objectives.
“The authorities have implemented additional revenue mobilization and expenditure rationalization while protecting vulnerable populations from policy adjustment impacts,” the IMF stated. The government targets a 1.5 percent of GDP fiscal primary surplus in 2025.
Ghana’s ability to pass a strong budget while implementing public financial management reforms contributed to securing program targets. Monetary policy tightening and electricity price adjustments further supported these achievements.
The IMF’s 36-month Extended Credit Facility provides crucial support for Ghana’s economic transformation efforts. However, the institution warned that sustained progress requires continued strengthening of revenue administration and public financial management.
Particular attention must focus on State-Owned Enterprises management, including decisive action to address challenges in energy and cocoa sectors. These areas represent significant fiscal risks that could undermine broader reform efforts.
Economic analysts view the disbursement as positive momentum for Ghana’s recovery trajectory. The country’s outlook appears promising with ongoing structural reforms and fiscal policy adjustments supporting medium-term growth prospects.
Success in implementing these reforms could provide models for other African nations undertaking similar economic transformation programs. Ghana’s experience demonstrates the importance of political commitment and technical capacity in achieving sustainable outcomes.
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