On the review of the extended credit facility with Ghana, the International Monetary Fund (IMF) has come to a staff-level agreement.

Ghana will have access to roughly US$360 million in funding after the review is accepted by IMF Management and formally concluded by the IMF Executive Board, according to a statement issued by the IMF on Saturday, April 13, 2024.

Ghana’s program performance was characterized as “strong” by the IMF in their statement.

The decision was made in response to discussions held in Accra between April 2–12, 2024, by an IMF staff team led by Mr. Stéphane Roudet, Mission Chief for Ghana, regarding the authorities’ policy priorities and the status of reforms in relation to the second review of Ghana’s three-year program under the Extended Credit Facility.

“I am pleased to announce that IMF staff and the Ghanaian authorities have reached a staff-level agreement on the second review of Ghana’s economic program under the Extended Credit Facility arrangement.

Following receipt of the required financing assurances, this staff-level agreement is subject to Executive Board consideration and approval by IMF Management.

“Performance under the program has been generally strong, with most quantitative objectives met and key reforms implemented. The authorities’ strong policy and efforts have continued to yield positive results: economic growth is higher than initially expected; inflation has continued to decline; and both fiscal and external positions have improved significantly in 2023,” Mr. Roudet said.