Ghana has made significant progress with its economic reforms under the International Monetary Fund (IMF) program. The IMF staff and Ghanaian authorities have reached a staff-level agreement on the second review of the 36-month Extended Credit Facility (ECF)-supported program, which will provide access to about $360 million in financing once approved by the IMF Management and Executive Board.
The IMF has praised Ghana’s strong performance under the program, with most quantitative objectives met and key reforms implemented. Economic growth is higher than initially expected, inflation has continued to decline, and both fiscal and external positions have improved significantly in 2023.
To ensure timely completion of the review, Ghana and its official bilateral creditors need to reach an agreement on a Memorandum of Understanding (MoU) for a debt treatment, consistent with the agreement in principle reached in January 2024.
