(Ecofin Agency) – The institution underlines that the Ghanaian authorities have achieved good performance with regard to the debt restructuring process and the implementation of structural reforms.
The International Monetary Fund (IMF) announced in a statement issued on Friday, June 28, 2024, that its Executive Board has approved the immediate disbursement of a new loan tranche of $360 million to Ghana, while welcoming the progress made in the country’s debt restructuring process and the implementation of structural reforms.
This financing will bring the total disbursements under the Extended Credit Facility agreement concluded between Accra and the multilateral financial institution in May 2023 to approximately $1.6 billion, the same source said.
The IMF also said, following the second review of economic reforms supported by an aid program totaling $3 billion, that Ghana’s performance had been generally good.
“All quantitative performance criteria for the second review and almost all indicative targets have been met. Good progress has also been made on key structural reform milestones, despite some delays,” he stressed.
The Fund also highlighted that the Ghanaian authorities have continued to make progress in the process of comprehensive debt restructuring. Following the agreement signed on 11 June with its creditors under the G20 Common Framework, Accra has more recently reached an agreement in principle with its Eurobond holders on a restructuring in line with the parameters of the IMF-supported programme.
“The Fund-supported program provided a credible anchor for the government to adjust macroeconomic policies and implement reforms to restore macroeconomic stability and debt sustainability, while laying the foundations for stronger and more inclusive growth. These efforts are bearing fruit, with growth proving more resilient than initially anticipated, inflation declining more rapidly, and fiscal and external positions improving.”the IMF said, indicating that the medium-term outlook for the economy remains favorable.
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