Dr. Mohammed Amin Adam<\/strong><\/p>\n\u00a0<\/p>\n
The International Monetary Fund (IMF) Executive Board has approved the release of $360 million to Ghana as part of its $3 billion Extended Credit Facility (ECF) programme.<\/p>\n
This approval follows the successful completion of the country\u2019s third programme review, announced on Monday, December 2, 2024.<\/p>\n
With this latest disbursement, Ghana\u2019s total funds received under the ECF now stand at $1.92 billion. The amount is expected to be credited to the Bank of Ghana by the end of the week.<\/p>\n
In a statement, the IMF pointed to Ghana\u2019s progress under the programme, describing the country\u2019s performance as \u201cgenerally satisfactory\u201d and noting that reform efforts are yielding results.<\/p>\n
The Bretton Woods Institution indicated that key achievements include significant progress in debt restructuring, a rapid economic recovery, declining inflation (albeit at a slower pace), and improvements in fiscal and external positions.<\/p>\n
\u201cGhana\u2019s performance under the programme has been generally satisfactory, and reform efforts are paying off. Good progress has been made on debt restructuring.<\/p>\n
\u201cGrowth is recovering rapidly, inflation has declined\u2014although at a slower pace, and the fiscal and external positions have continued to improve\u201d, the statement stressed.<\/p>\n
The IMF also commended Ghana\u2019s efforts in restructuring public debt. After successfully restructuring domestic debt in 2023, the government reached a Memorandum of Understanding with the Official Creditors Committee (OCC) under the G20 Common Framework in June 2024.<\/p>\n
This was followed by the completion of a Eurobond exchange consistent with programme parameters.<\/p>\n
The IMF noted that additionally, the government had intensified discussions with external commercial creditors to ensure restructuring aligns with programme goals and comparable treatment standards.<\/p>\n
According to the statement, the Bank of Ghana (BoG) has also maintained a prudent monetary policy to sustain the decline in inflation amid ongoing risks.<\/p>\n
\u201cThe Bank of Ghana (BoG) has maintained a prudent monetary policy stance to sustain a continued reduction in inflation against heightened risks and has taken important steps to rebuild international reserves.<\/p>\n
The IMF pointed out that BoG had also taken critical steps to rebuild international reserves and enhance financial sector stability by promoting timely recapitalization and ensuring the viability of banks.<\/p>\n
The government has begun recapitalizing state-owned banks in line with available resources, the statement added.<\/p>\n
The IMF indicated that these combined efforts reflect Ghana\u2019s commitment to the programme and its broader economic recovery goals.<\/p>\n
A News Desk Report<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Dr. Mohammed Amin Adam \u00a0 The International Monetary Fund (IMF) Executive Board has approved the release of $360 million to Ghana as part of its $3 billion Extended Credit Facility (ECF) programme. This approval follows the successful completion of the country\u2019s third programme review, announced on Monday, December 2, 2024. With this latest disbursement, Ghana\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":219220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-260212","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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