Ghana passed the third program review by the International Monetary Fund (IMF) Board, which also authorized the payment of approximately US$360 million to Ghana.
This followed its December 2, 2024, meeting in Washington, DC, USA, to discuss the IMF Staff Report on Ghana’s third program review.
The board expressed satisfaction with the government’s progress in achieving important goals as outlined in the review process.
According to sources, the board has approved the $360 million. It is anticipated that the funds would reach the Bank of Ghana’s account prior to December 7, 2024.
In October of this year, a staff-level agreement on economic policies and reforms for the third review of the ECF arrangement was agreed between the government and IMF personnel.
The IMF Board’s December 2024 payout will raise the total amount of money received since Ghana joined the program to $1.92 billion.
The December board meeting follows Ghana’s successful completion of the majority of the criteria outlined in the IMF program’s third review.
At the conclusion of the third review assessment, the IMF staff reported that all of the quantitative targets for the end of June 2024 had been reached and that, despite some delays, progress on important structural reforms had continued.
This development might significantly support the cedi’s recent recovery versus the dollar and serve as a signal to donors and investors that the government is on track with its economic stabilization initiatives.
The international reserves of the Bank of Ghana, which were valued at 7.92 billion cedis in November of this year, ought to surpass the $8 billion threshold.
