IMF approves final disbursement of $185.2m to Ghana
The Executive Board of the International Monetary Fund has approved the final disbursement of about US$185.2 million to Ghana. Ghana is scheduled to complete an IMF programme with the fund in April 2019. According to the IMF, its Executive Board completed the seventh and eight reviews On March 20, 2019, under the Extended Credit Facility (ECF) supported arrangement. The fund pointed out that Considering the Ghana’s resolved to tackle difficult reforms, the Executive Board also approved the authorities’ request for a waiver of the nonobservance of a few program targets. Ghana’s three-year arrangement was approved on April 3, 2015 for about US$925.9 million or 180 percent of quota at the time of approval of the arrangement. It was extended for additional year on August 30, 2017 and is to end on April 2, 2019. The arrangement aimed to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.
March 20, 2019
- Ghana is concluding its four-year ECF-supported program.
- Executive Board decision allows to disburse the last tranche of SDR132.84 million (about US$185.2 million) to Ghana.
- ECF-supported program paved the way for a significant improvement of Ghana’s macroeconomic performance, though challenges remain.