Late on Friday, the Ghanaian government announced that it has successfully secured $600 million in funding from the International Monetary Fund (IMF) as part of a larger $3-billion bailout program. This positive development follows Ghana’s recent agreement with official creditors to restructure certain external debts, a crucial step that paved the way for accessing the second tranche of IMF funding.
The IMF expressed satisfaction with Ghana’s performance under the program, highlighting that all the quantitative performance criteria for the first review, as well as nearly all indicative targets and structural benchmarks, are on track. In an official statement, the IMF acknowledged Ghana’s strong adherence to the program.
Ghanaian Finance Minister, Ken Ofori-Attah, emphasized the significance of the $600 million injection into the economy, stating that it provides additional fiscal space to support budget implementation in line with the program’s requirements. Ofori-Attah also outlined the government’s commitment to enhancing expenditure controls and bolstering revenue generation to improve the country’s creditworthiness by 2026.
Once hailed as one of Africa’s fastest-growing economies, Ghana has grappled with severe economic challenges in recent years, including rising inflation, exchange rate fluctuations, and a soaring cost of living. The $3-billion loan approval from the IMF, granted in May of the previous year, aimed to facilitate a series of economic reforms to guide Ghana towards recovery.