IMF Releases $360 Million to Ghana Ahead of Crucial Presidential Election

The International Monetary Fund (IMF) has authorized the immediate release of approximately $360 million to Ghana to bolster its economic recovery, just days before the nation heads to the polls for a pivotal presidential election on December 7.

In a statement, the IMF lauded Ghana’s progress under its $3 billion economic reform program, highlighting significant strides in debt restructuring, economic growth, and inflation control. With this latest installment, Ghana has received $1.9 billion under the agreement since its inception in May 2023.

“Ghana’s performance under the program has been generally satisfactory, and reform efforts are paying off,” the IMF stated. Deputy Managing Director Bo Li urged Ghana to maintain fiscal discipline before and after the election while safeguarding vulnerable populations during fiscal adjustments.

The IMF forecasts Ghana’s GDP to grow by 4.0% this year, with inflation expected to fall to 8.0% by the close of 2025.

The funding approval comes at a critical juncture, as economic recovery remains a central theme in the presidential contest between Vice President Mahamudu Bawumia of the ruling New Patriotic Party (NPP) and former President John Mahama of the opposition National Democratic Congress (NDC).

Bawumia has emphasized the NPP’s efforts in stabilizing the economy, while Mahama has vowed to renegotiate the IMF deal to prioritize infrastructure and social spending.

Ghana, once a darling of investors, faced a severe financial crisis in 2022, prompting a default on external debt and the subsequent negotiation of a three-year IMF bailout.

The IMF has stressed the importance of sustaining fiscal policy reforms and enhancing social programs to ensure Ghana’s economic stability. The most recent disbursal is a financial lifeline and a significant determinant of voter confidence in the nation’s economic future as the December 7 election draws near.