Ghana and the International Monetary Fund (IMF) have reached a staff-level agreement following the third review of the country’s $3 billion extended credit facility.
This agreement follows a two-week assessment of Ghana’s fiscal data by IMF mission staff, evaluating the country’s performance against its targets and structural benchmarks as of June 2024.
The IMF noted that Ghana’s program performance has been generally satisfactory, with significant progress made in debt restructuring.
However, the agreement remains subject to the approval of the IMF Board for the disbursement of a fourth tranche of $360 million. If approved, this will bring Ghana’s total disbursements to $1.92 billion.
IMF mission chief Stéphane Roudet stated, “All end-June 2024 quantitative targets were met, and progress on key structural reforms has continued despite delays in a few areas.” He praised the country’s policy and reform efforts, emphasizing the 98% participation rate in Ghana’s external debt restructuring from Eurobond holders.
Report by Dede Davies