The International Monetary Fund (IMF) and Ghana have reached a staff-level agreement on the third review of Ghana\u2019s US$3 billion extended credit facility.<\/p>\n This comes after Ghana recently achieved 98% participation and consent solicitation from Eurobond holders in the restructuring of the country\u2019s external debt.<\/p>\n According to the IMF Mission Chief for Ghana, St\u00e9phane Roudet, performance under the IMF-supported programme has been generally satisfactory.<\/p>\n Additionally, all end-June 2024 quantitative targets were met, and progress on key structural reforms has continued, notwithstanding delays in a few areas.<\/p>\n Addressing the press on Friday, October 4, 2024, St\u00e9phane Roudet said, \u201cThe IMF staff and Ghanaian authorities have reached a staff-level agreement on the third review of Ghana\u2019s economic program under the Extended Credit Facility arrangement.\u201d<\/p>\n \u201cPerformance under the IMF-supported program has been generally satisfactory. All end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas. The authorities\u2019 policy and reform efforts under the program have continued to deliver encouraging results,\u201d he added.<\/p>\n To help stabilise the economy, the government, as part of measures to tame high inflation, announced on July 1, 2022, its decision to seek a $3 billion financial bailout programme from the International Monetary Fund (IMF).<\/p>\n Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage with Ghanaian authorities for a possible economic support program.<\/p>\n A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.<\/p>\n On May 17, 2023, the IMF’s executive board approved Ghana’s $3 billion loan facility.<\/p>\n The first tranche of $600 million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023.<\/p>\n In January 2024, the second tranche of $600 million was disbursed to Ghana as part of a three-year bailout program, a week after the nation reached a deal with bilateral creditors to restructure its debt.<\/p>\n In July this year, the government received US$360 million as the third tranche of Ghana\u2019s bailout package with the International Monetary Fund (IMF).<\/p>\n The cash, meant for budget support and stabilisation of the local currency, was officially credited to the Central Bank\u2019s account on Tuesday, July 2, 2024.<\/p>\n It follows the Executive Board\u2019s approval of the second review last Friday, June 28, 2024.<\/p>\n This means Ghana has received a total of US$1.56 billion out of the $3 billion approved under the three-year extended credit facility.<\/p>\n The IMF programme, according to the government, is aimed at restoring macroeconomic stability and safeguarding debt sustainability, among many other objectives.<\/p>\n SA\/ ADG<\/p>\n Watch the latest edition of BizTech below:<\/b><\/p>\n![\"IMF](\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/414\/41476387.295.jpg\" "\\"IMF")
IMF Mission Chief for Ghana, St\u00e9phane Roudet<\/span><\/span><\/p>\n<\/div>\n