Ghana a step closer to accessing $360m from IMF after staff-level agreement after second review

Ghana is a step closer to receiving about $360m from the International Monetary Fund after reaching a staff-level agreement on the second review of its 3 year extended credit facility with the fund.

The agreement which is subject to Executive Board approval when finally approved, will bring to total, a disbursement of $1.56b from the IMF, after Ghana receive two earlier tranches of $600m dollars from the IMF in May and December last year.

In a statement by the IMF, the fund asserts performance under the program has been generally strong, with most quantitative objectives met and key reforms implemented.

The completion of the board review is, however, subject to Ghana and its official bilateral creditors reaching agreement on a Memorandum of Understanding (MoU) for a debt treatment, in line with the program parameters.

“To ensure timely completion of the review, Ghana and its official bilateral creditors need to reach agreement on a Memorandum of Understanding (MoU) for a debt treatment, consistent with the agreement in principle reached in January 2024, “portions of the IMF statement said.