The International Monetary Fund’s (IMF) Executive Board has given its nod to Ghana’s Fourth Review under the Extended Credit Facility (ECF) Programme, paving the way for a significant $370 million disbursement. This development underscores the country’s commitment to fiscal discipline and economic reform.
The approval, announced by Finance Minister Dr Cassiel Ato Forson, represents the fifth tranche of funding under the ECF arrangement and comes as Ghana continues to demonstrate measurable progress in implementing comprehensive economic reforms.
“This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation,”
The finance Minister stated in announcing the news. “Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports.”
The IMF’s decision follows a thorough review of Ghana’s economic performance and adherence to program targets.
The approval demonstrates that Ghana has successfully met the Fund’s benchmarks for fiscal consolidation, debt sustainability measures, and structural reform implementation.
Ghana entered the ECF Programme as part of broader efforts to stabilize its economy and restore macroeconomic balance following significant fiscal challenges.
The program has focused on reducing the fiscal deficit, improving debt management, and implementing structural reforms to enhance economic resilience.
The $370 million disbursement will provide crucial budgetary support as Ghana continues its economic recovery trajectory.
The funds are expected to help the government maintain essential public services while continuing to implement reform measures designed to promote sustainable economic growth.
“Today marks another decisive step forward in Ghana’s economic recovery journey, demonstrating that our reform agenda is not just working – it’s exceeding expectations and rebuilding confidence in our nation’s financial future,” the Finance Minister emphasized.
The approval comes at a time when Ghana has been working to restore investor confidence and demonstrate its commitment to sound economic management.
The successful completion of the fourth review under the ECF Programme is seen as a positive indicator of the country’s reform progress and fiscal discipline.