The International Monetary Fund (IMF) has announced that its Executive Board will review Ghana’s fourth programme assessment under the Extended Credit Facility (ECF) in early July, an approval that could unlock a fresh disbursement of approximately $370 million.
The update was delivered by IMF Communications Director Julie Kozack at a recent press briefing. She confirmed that if the Board signs off on the review, the new funds will bring Ghana’s total disbursement under the ECF to around $2.4 billion since the programme’s launch in 2023.
“On April 15, the IMF staff and Ghanaian authorities reached a staff level agreement on the fourth review of Ghana’s extended credit facility. Upon approval by our executive board, Ghana will be scheduled to receive about $370 million, bringing total support under the ECF to $2.4 billion since May of 2023. We anticipate bringing review to our board early July so in just a few weeks,” Kozack stated.
The fourth review is a critical milestone in Ghana’s economic recovery programme, which is anchored on restoring fiscal discipline, managing debt sustainability, and stabilizing macroeconomic fundamentals.
Meanwhile, the IMF is closely monitoring recent developments in Ghana’s currency markets. The cedi has shown significant appreciation in recent weeks after a prolonged period of depreciation, a trend that has attracted attention from both the Fund and local analysts.
“As we look at the programme, we assess all developments including the exchange rate. Future programme reviews will allow our teams to carefully evaluate the evolving macroeconomic and financial conditions and confirm whether the programme’s targets remain appropriate and achievable,” Kozack added.
She emphasized that all key economic indicators, including exchange rate dynamics, will be scrutinized during future programme reviews to ensure that Ghana remains on track to meet the objectives of the ECF arrangement.
