Ghana's performance under ECF program has been generally satisfactory – IMF

The International Monetary Fund has described Ghana's performance under the Extended Credit Facility (ECF) program as generally satisfactory so far.

On December 2, 2024, the IMF Executive Board announced that the third review of Ghana's 36-month Extended Credit Facility Arrangement had been completed.

This allows for the immediate disbursement of SDR 269.1 million, equivalent to about US$360 million.

In a press release issued on December 2, 2024, the IMF stated, "Ghana's performance under the program has been generally satisfactory, and reform efforts are paying off. Good progress has been made on debt restructuring. Growth is recovering rapidly, inflation has declined—although at a slower pace, and the fiscal and external positions have continued to improve."

However, the IMF emphasised that Ghana must continue on a positive trajectory despite the upcoming elections. Steadfast implementation of the policy and reform agenda, both before and after the upcoming general elections, remains essential to fully restore macroeconomic stability and debt sustainability.

SSD/MA

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