New Ghana funding expected after IMF review in early July
The International Monetary Fund (IMF) has scheduled a review of Ghana’s fourth programme assessment under the Extended Credit Facility (ECF) for early July. If approved, this review will release approximately USD370 million in financial support to aid Ghana’s ongoing economic recovery.
Julie Kozack, IMF Communications Director, confirmed the timeline during a recent press briefing, stating that the total disbursements under the ECF since its approval in 2023 will then reach about USD2.4 billion.
“At the staff level, an agreement was reached on April 15 regarding the fourth review of Ghana’s extended credit facility. Once our executive board approves this review, Ghana is expected to receive approximately USD370 million, bringing total support under the ECF to USD2.4 billion since May 2023. We anticipate presenting this review to our board in early July, so in just a few weeks,” Ms. Kozack explained
This review is part of broader efforts to support Ghana’s economic reform agenda and ensure debt sustainability within the ECF arrangement.
In addition, the IMF will closely examine recent gains made by the Ghanaian cedi against major foreign currencies during upcoming programme reviews. The cedi has shown notable appreciation recently, reversing a trend of persistent depreciation.
Ms. Kozack emphasized that the Fund is carefully monitoring key macroeconomic indicators, including exchange rate movements, to ensure that Ghana remains on track to meet its economic targets. “As we evaluate the program, we consider all developments, including exchange rate trends. Future reviews will enable our teams to assess evolving macroeconomic and financial conditions and confirm whether the program’s targets continue to be appropriate and achievable,” she added.
