The government and the International Monetary Fund (IMF) have reached a staff-level agreement on a package of economic policies and reforms to conclude the fourth review of the 36-month Economic Credit Facility (ECF)-supported programme.
This staff-level agreement is subject to Executive Board consideration.
Upon completion of the Executive Board review, Ghana would have access to SDR 267.5 million (about US$370 million). This will bring the total IMF financial support disbursed under the arrangement since May 2023, to SDR 1,708 million, approximately US$2.355 billion.
The Fund in a commnique said growth in 2024 was higher than expected, underpinned by strong mining and construction activity.
“The external sector has seen a considerable improvement, driven by solid exports—particularly gold and to a lesser extent oil—and higher remittances. As a result, international reserves accumulation has far exceeded the ECF-supported programme targets”, it stressed.
Notwithstanding these achievements, the Fund indicated that the overall performance under the IMF-supported programme deteriorated markedly at end-2024.
“Preliminary fiscal data point to slippages in the run-up to the 2024 general elections, on account of a large accumulation of payables. Inflation exceeded programme targets. Several reforms and policy actions were delayed across the fiscal, financial, and energy sectors”, it added.
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