The Executive Board of the International Monetary Fund (IMF) has approved the release of $360 million to Ghana under its $3 billion Extended Credit Facility (ECF), following the successful completion of the country’s third review under the program.

This latest disbursement brings Ghana’s total receipts from the ECF to $1.92 billion, with the funds expected to be credited to the Bank of Ghana by the end of the week.

In a statement, the IMF said Ghana’s performance under the program has been generally satisfactory, noting significant progress in debt restructuring, economic growth, and fiscal improvements. Inflation has also declined, although at a slower pace.

The IMF highlighted Ghana’s achievements in public debt restructuring, including the completion of a domestic debt restructuring and an agreement with Ghana’s Official Creditors Committee (OCC) under the G20 Common Framework. Additionally, the government has exchanged its Eurobonds in line with program parameters and continues to engage external commercial creditors on restructuring efforts.

The Bank of Ghana has maintained a prudent monetary policy stance to reduce inflation and rebuild international reserves. The central bank has also strengthened measures to support financial sector stability, including actions to recapitalize state-owned banks.

Source:TheDotNews