Ghana secures $360 million from IMF pending board approval

Ghana has reached a Staff-Level agreement with the International Monetary Fund (IMF), paving the way for the disbursement of $360 million, subject to approval by the IMF Board.

The agreement was reached following meetings held in Accra from April 2-12, led by Stéphane Roudet, Mission Chief for Ghana, to discuss progress on reforms and policy priorities under the

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The $3 billion arrangement, approved by the IMF Executive Board on May 17, 2023, aims to support Ghana's economic program.

Mr. Roudet announced the Staff-Level agreement, contingent on IMF Management approval and Executive Board consideration.

"Upon completion of the Executive Board review, Ghana would have access to about $360 million, bringing the total IMF financial support disbursed under the arrangement since May 2023 to about $1,560 million," he said.

Mr. Roudet also highlighted Ghana's strong performance under the program, with most quantitative targets met and progress made on structural reforms. Economic activity in 2023 exceeded expectations, leading to upward revisions in growth projections for 2024.

"Given Ghana's strong progress under the IMF-supported program, the next key step for the country is to reach an agreement with its official bilateral creditors on an MoU consistent with the terms agreed in January 2024," Mr. Roudet added.