Ghana has obtained approval from the International Monetary Fund (IMF) Board for the second review of the IMF-supported Program for Economic Growth (PC-PEG) post-COVID-19.
This approval enables the immediate disbursement of SDR 269.1 million (approximately US$360 million) to Ghana.
The IMF praised Ghana’s overall performance under the program, noting that all quantitative performance criteria for the second review and nearly all indicative targets were met. The institution also highlighted significant progress in debt restructuring and advancing key structural reforms.
According to the IMF’s statement on Friday, Ghana’s reform efforts are yielding positive results, with stronger-than-expected growth resilience, rapid inflation decline from 2022 highs, and substantial improvements in fiscal and external positions.
In a statement on X, Finance Minister Dr. Mohammed Amin Adam affirmed Ghana’s steadfast commitment to implementing robust reform measures aimed at ensuring macroeconomic stability.
Dr. Adam expressed gratitude to President Akufo-Addo for his strong leadership and acknowledged the IMF’s unwavering support for Ghana’s economic goals.
“Ghana has today secured IMF Board Approval for the 2nd review of the IMF-supported PC-PEG. This will trigger the release of the third tranche of $360million under the ECF. We remain committed to implementing our strong reform programme, towards ensuring macroeconomic stability.”
“I thank the President for his strong leadership; the IMF for their commitment to Ghana; our bilateral & development partners for their staunch support;& all the hardworking staff of the @MoF_Ghana for their tireless efforts to entrench Ghana’s economic stability #GhanaRising,” he stated.
Ghana has today secured IMF Board Approval for the 2nd review of the IMF-supported PC-PEG. This will trigger the release of the third tranche of $360million under the ECF. We remain committed to implementing our strong reform programme, towards ensuring macroeconomic stability1/2
— Office of the Finance Minister-Ghana (@oofmghana) June 28, 2024