Ghana’s economic recovery efforts have received a major endorsement from the International Monetary Fund (IMF), which has approved the country’s 4th review under the Extended Credit Facility (ECF) programme, unlocking a $370 million disbursement to support ongoing reforms.
The announcement was made by Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, in a statement posted on his official Facebook page today, describing it as a “landmark approval” and a decisive step toward restoring macroeconomic stability.
“This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation,” Dr. Forson wrote.
“Our comprehensive macroeconomic policies and carefully crafted structural reforms are delivering real results that the international community recognizes and supports.”
The $370 million disbursement brings the total financial support Ghana has received under the three-year ECF programme to over $2 billion, and comes at a critical time when the country is battling to stabilise its currency, reduce inflation, and accelerate growth.
Dr. Forson hailed the development as a strong signal of international confidence in Ghana’s economic management under President John Dramani Mahama’s administration.
“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,” the Minister noted.
The IMF Executive Board’s approval follows Ghana’s progress on key indicators, including fiscal consolidation, improved revenue mobilisation, and debt restructuring efforts that have gained traction over the past year.
Ghana entered the $3 billion ECF arrangement with the IMF in 2023 to help restructure its debt, restore macroeconomic stability, and lay the groundwork for sustainable and inclusive growth after a turbulent post-pandemic recovery period.
