The International Monetary Fund has commended Ghana for successfully achieving all targets set for the $3 billion three-year extended credit facility.
In a statement issued on Friday, January 19, 2024, the IMF highlighted that “Ghana’s performance under the program has been strong. All quantitative performance criteria for the first review and almost all indicative targets and structural benchmarks were met.”
“The authorities’ reform efforts are bearing fruit, and signs of economic stabilization are emerging. Growth in 2023 has proven resilient, inflation has declined, and the fiscal and external positions have improved.”
The Bretton Woods institution also announced that Ghana is on track to “lower the fiscal primary deficit on a commitment basis by about 4 percentage points of GDP in 2023.”
It also noted that the Government of Ghana has adhered to its spending limit throughout the programme.
“To help mitigate the impact of the crisis on the most vulnerable population, the authorities have significantly expanded social protection programmes. On the revenue side, Ghana has met its non-oil revenue mobilization target.”
“The Ghanaian authorities are also making good progress on their debt restructuring strategy. Their domestic debt restructuring was completed over the summer. On January 12, 2024, the authorities reached an agreement with the Official Creditor Committee (OCC) under the G20’s Common Framework on a debt treatment that is in line with Fund program parameters. This agreement provided the financing assurances necessary for the Executive Board review to be completed.”
The IMF made these remarks following the approval of the second tranche of the bailout programme.
Ghana is set to receive $600 million immediately, being the second part of the $3 billion extended facility.
