The International Monetary Fund (IMF) is expected to approve the disbursement of $360 million to Ghana following the country’s successful third review under its loan programme.

The IMF’s Executive Board is set to meet in early December to finalise the decision, according to Julie Kozack, the fund’s Director of Communications.

“Once the review is completed by the IMF’s executive board, Ghana would have access to about $360 million in terms of disbursement,” Ms. Kozack said during a news conference in Washington, DC. She noted that further details on the precise meeting date would be announced later.

Encouraging Progress

Ms. Kozack described Ghana’s performance under the IMF programme as “encouraging,” citing significant strides in debt restructuring and broader economic reforms.

“The programme performance has been good,” she said. “There has been, in particular, remarkable progress on debt restructuring.”

She highlighted macroeconomic improvements, including higher-than-expected economic growth in the first half of 2024, declining inflation, and improvements in Ghana’s fiscal and external positions.

The Path Ahead

However, Ms. Kozack urged continued vigilance, warning against policy missteps that could undermine progress.

“Looking ahead, what will be important for Ghana will be continued implementation of the policy and reform agendas,” she said, adding that restoring macroeconomic stability and achieving debt sustainability remain critical.

The IMF plans to release a detailed staff report on Ghana’s progress after the December board meeting.

Source:TheDotNews