Ghana will receive an immediate disbursement to the tune of $367 million (Ksh 47.3b) from the International Monetary Fund (IMF).
This follows completion of the fourth review under the three-year Extended Credit Facility which was approved in May 2023 allowing the west African country to access up to $3 billion under the facility.
The latest approval brings total disbursements under the arrangement to about $2.3 billion.
“The authorities are strongly committed to restoring fiscal discipline and addressing the structural weaknesses that led to the slippages. They have passed a 2025 budget consistent with the program’s objectives and enacted an enhanced fiscal responsibility framework,” said Bo Li, IMF Deputy Managing Director.
The funds are expected to continue supporting Ghana’s economic economic reforms under the program which have deteriorated.
According to IMF, Ghana’s growth in 2024 and the first quarter of 2025 was higher than expected, reflecting robust activity in the mining, agricultural, ICT, manufacturing, and construction sectors.
“Looking ahead, staying the course of fiscal adjustment and completing the debt restructuring are key to ensure fiscal sustainability. This should be supported by continued efforts to enhance domestic revenue mobilization and streamline non-priority expenditure, while creating space for development priorities and enhanced social safety nets,” added Li.