Ghana receives over $185 million from the IMF after completing the final review of fund programme it signed in 2015

This follows completion of the 7th and 8th reviews done on Wednesday, March 20, 2019, under the Extended Credit Facility (ECF)-supported arrangement.

In a release issued by the IMF, the completion of the two final reviews will make available to Ghana the cumulative amount of about $185.2 million.

“Considering the authorities to tackle difficult reforms, the Executive Board has approved the authorities’ request for a waiver of the nonobservance of a few program targets,” the IMF said.

The Deputy Managing Director and Acting Chair of the IMF, Mr Tao Zhang after the Executive Board discussion released in the statement that Ghana has achieved significant macroeconomic gains over the course of the ECF-supported program, with rising growth, single-digit inflation, fiscal consolidation, and banking sector clean-up. The continued macroeconomic adjustment should underpin these improvements, as the 2020 elections approach.

The IMF further concluded that “the Fund congratulates the authorities for successfully completing the ECF supported program and stands ready to support Ghana in its quest for economic prosperity.

Ghana and the IMF programme

Ghana’s three-year arrangement with the IMF was approved on April 3, 2015, for about $925.9 million or 180 per cent of quota at the time of approval of the arrangement.

It was extended for an additional year on August 30, 2017, and is to end on April 2, 2019.

The arrangement aimed to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation while protecting social spending.