IMF approves third bailout tranche of US$360 million to Ghana

The International Monetary Fund (IMF) has granted approval for the second review of Ghana’s post-COVID-19 Programme for Economic Growth (PC-PEG).

The approval follows an immediate disbursement of Special Drawing Rights (SDR) 269.1 million, equivalent to approximately US$360 million.

In a statement released on Friday, the IMF commended Ghana’s performance under the programme, noting that all quantitative performance criteria and almost all indicative targets for the second review were met.

The IMF highlighted that Ghana has made substantial progress in debt restructuring and advancing key structural reforms.

The statement also praised Ghana’s reform efforts, which have yielded positive outcomes. Economic growth has been more resilient than anticipated, inflation rates have significantly decreased from their 2022 peaks, and both fiscal and external positions have improved markedly.

Ghana’s Minister of Finance, Dr. Mohammed Amin Adam, expressed the country’s commitment to continuing its robust reform programme to ensure macroeconomic stability.

In a post on X, he extended gratitude to President Nana Addo Dankwa Akufo-Addo for his leadership and to the IMF for its ongoing support.

“Ghana has today secured IMF Board approval for the second review of the IMF-supported PC-PEG. This will trigger the release of the third tranche of $360 million under the Extended Credit Facility (ECF). We remain committed to implementing our strong reform programme, towards ensuring macroeconomic stability,” Dr. Adam stated.

He further thanked the President for his steadfast leadership, the IMF for their dedication to Ghana, and the country’s bilateral and development partners for their support.

AM/SARA

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