The International Monetary Fund (IMF) has commended the Government of Ghana for significant progress in its economic reforms and debt restructuring efforts, paving the way for the disbursement of a fresh tranche under the country’s $3 billion rescue package.
In a statement released on Monday, the IMF announced the successful completion of the fourth review of Ghana’s extended credit facility arrangement, following what it described as “decisive” steps taken by the new administration.
“The new authorities have responded decisively to secure achievement of the program targets and keep the structural reform agenda on track,” the IMF said.
With the review completed, Ghana is now set to receive a $370 million disbursement to support its ongoing recovery plan.
Ghana’s Ministry of Finance celebrated the approval, calling it a major milestone. “This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation,” the ministry said in a post on X (formerly Twitter). “Today marks another decisive step forward in Ghana’s economic recovery journey.”
President John Mahama, who was sworn in this January after securing a landslide victory in the December elections, pledged to “reset” the nation’s economy and revive growth after years of instability in the gold- and cocoa-rich country.
The IMF acknowledged the administration’s continued progress on public debt restructuring, which has been a central pillar of the recovery strategy.
“Faced with large policy slippages and reform delays at end-2024, the new administration has taken bold corrective actions to maintain the program on track,” said Bo Li, IMF Deputy Managing Director for Ghana.
President Mahama has also vowed to revisit and renegotiate elements of the IMF deal to better align with Ghana’s long-term development goals.
