Bank of Ghana confirms receipt of $367M from IMF
The International Monetary Fund (IMF) has officially credited $367 million to the account of the Bank of Ghana, following the successful completion of Ghana’s fourth review under the Extended Credit Facility programme.
The funds, received on Wednesday, July 9, mark the fifth tranche of the $3 billion IMF programme approved in 2023.
This disbursement is also expected to strengthen Ghana’s external buffers, stabilise the cedi and help government meet critical balance-of-payment needs.
It forms part of the $3 billion IMF programme agreed upon in 2023, aimed at restoring debt sustainability and accelerating economic reforms.
The programme, which began in May 2023, was initiated to restore stability after a period of economic turbulence marked by high inflation, cedi depreciation and unsustainable debt levels.
Under the agreement, Ghana undergoes periodic reviews to assess progress on fiscal, structural and financial reforms.
According to Finance Minister, Dr. Cassiel Ato Forson, Ghana has so far exceeded expectations under the IMF programme, helping to restore both local and international confidence in the economy.
The latest disbursement is expected to support budget operations, further stabilise the cedi and help the country meet external obligations as government intensifies efforts to rebuild macroeconomic resilience and return to growth.
The release also comes as Ghana continues debt restructuring negotiations with external creditors and Eurobond holders under the G20 Common Framework; a critical component for the full implementation and success of the IMF programme.
Some economists have stressed the importance of channeling the funds into critical sectors such as agriculture to drive growth and ensure long-term sustainability.
“But I think if I were to suggest I will say we should use it to support the agric sector in the mean and perhaps some of the road projects that have stalled because the stalling of those road projects tend to increase the cost and then we have seen that agric is mainly the fulcrum. It is a very important aspect. Now the government has launched the 24 hour economy. I think agric should be at the heart of it,” Professor Patrick Asuming said.
