Continue the implementation of ECF programme - IMF tells government

The International Monetary Fund (IMF) has urged the Ghanaian government to continue to implement the Economic Credit Facility (ECF) programme to ensure sustainable growth and poverty reduction.

During a press conference on September 12, 2024, Director of the Communications Department of the IMF, Julie Kozack, commended the government and the Bank of Ghana for their strong commitment to the programme.

The IMF welcomed finance minister Dr. Mohammed Amin Adams' reaffirmation of the government's dedication to the policies under the ECF programme.

“Steadfast policy and reform implementation are vital to durably restore macroeconomic stability and debt sustainability in Ghana.

"It will be crucial for the government to continue to implement the programme as envisaged to ensure sustainable growth and poverty reductions. The authorities have so far demonstrated a strong commitment to the programme at all levels. And we welcome Minister Adams signalling of the government's continued commitment to policies under the programme,” she said.

Ghana has received $1.6 billion out of the total $3 billion allocated under the three-year programme, with the most recent tranche of $360 million accessed in July 2024.

The IMF also noted that the comprehensive reform programme and strong policy efforts by the government and the Bank of Ghana are yielding positive results.

According to the IMF, growth in 2023 exceeded initial expectations, inflation is declining, and international reserves have increased.

ID/AB

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