Ghana to benefit from IMF’s 36% reduced borrowing cost to member countries as fund cuts annual charges by $1.2 Billion

The IMF's Executive Board has approved significant reforms to its surcharge and charges policy, set to take effect on November 1, 2024, reducing borrowing costs by 36%, or about $1.2 billion annually.

Managing Director Kristalina Georgieva highlighted that these changes aim to ease financial pressures on borrowers while maintaining the IMF’s lending capacity.

Ghana, currently under a $3 billion Extended Credit Facility, stands to benefit from lower borrowing costs. The number of countries subjected to surcharges will decrease from 20 to 13 by fiscal year 2026, while surcharges remain vital for covering lending expenses and financial risks.