The International Monetary Fund (IMF) Executive Board has given the green light to the final review of Ghana’s $3 billion Extended Credit Facility (ECF) programme, setting the stage for a final disbursement of about $371 million to the country.
The Ministry of Finance announced the development on Monday, describing it as the successful conclusion of a three-year partnership aimed at restoring Ghana’s economic stability after the 2022 economic crisis.
Launched in May 2023, the ECF programme was designed to help Ghana address severe fiscal and external imbalances. With this final approval, total disbursements to Ghana under the programme now amount to approximately $3 billion, providing critical support to the nation’s balance of payments.
In its statement, the Ministry of Finance highlighted the government’s achievements under the programme, pointing to significant progress in fiscal discipline, reduced inflation, stronger external reserves, and the implementation of key structural reforms. “The successful completion of the programme reflects the significant progress Ghana has made in ensuring economic stability,” the ministry said.
Looking ahead, the government announced it would embark on a new phase of collaboration with the IMF through a 36-month, non-financing Policy Coordination Instrument (PCI). This new arrangement is intended to further underpin Ghana’s reform agenda and reinforce confidence in the country’s economic policies.
The government expressed gratitude to the Ghanaian people for their resilience and support throughout the reform process. It also acknowledged the contributions of the IMF Executive Board, management and staff, development partners, civil society, and the private sector.
Reaffirming its commitment to reform, the government pledged to protect the gains achieved under the ECF programme and to continue building “a stronger, more resilient, and more prosperous economy for all Ghanaians.”
Source: Apexnewsgh.com