The International Monetary Fund (IMF) on Monday noted that Ghana is making tangible progress in its ongoing economic overhaul and debt restructuring efforts, initiated six months ago to stabilise the country’s battered finances.
This positive assessment comes as President John Mahama, who took office in January, continues to steer West Africa’s second-largest economy out of its deepest financial crisis in decades. Despite its vast gold and cocoa resources, Ghana has been grappling with rising debt levels, currency depreciation, and fiscal deficits that have strained livelihoods and dampened investor confidence.
“The new authorities have responded decisively to secure achievement of the program targets and keep the structural reform agenda on track,” the IMF said in a statement, announcing the completion of the fourth review of the country’s extended credit facility arrangement.
That review allows for the release of the latest tranche towards the $3 billion rescue package.
The Ghana finance ministry hailed the approval, “clearing the path for a substantial $370 million disbursement!”
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Ghana’s Ministry of Finance has described the IMF’s latest endorsement as a clear affirmation of the country’s dedication to fiscal responsibility and transformative economic policies. Sharing the development on X, the ministry stated that the approval represents a crucial milestone in Ghana’s quest for economic stability and growth.
“This is a defining moment in our nation’s journey towards full economic recovery,” the ministry noted.
Since his overwhelming victory in December’s polls, President John Mahama has pledged to recalibrate Ghana’s economy, focusing on revitalisation and renegotiating aspects of its $3 billion arrangement with the IMF.
In its assessment, the IMF observed that the new leadership has sustained progress in its debt restructuring initiatives.
Highlighting the government’s efforts, IMF Deputy Managing Director for Ghana, Bo Li, acknowledged that despite significant policy lapses and delays towards the end of 2024, the administration has implemented decisive measures to keep the programme on course.