Ghana receives $185 million IMF Fund following ECF review

The completion of the two final reviews, will make available to Ghana, about $185.2 million
ghana debt
Ghana’s president Nana Akufo-Addo delivers a speech during the second day of the Mining Indaba, Africa’s biggest annual mining conference, on February 5, 2019, in Cape Town. (Photo by RODGER BOSCH / AFP)

The International Monetary Fund (IMF) on Wednesday completed the 7th  
and 8th reviews under the Extended Credit Facility (ECF)-supported  
arrangement. 

“The completion of the two final reviews on March 20, 2019, will make  
available to Ghana, the cumulative amount of about $185.2 million”,  
the IMF said in a release issued on Wednesday. The amount represents  
the last tranche of the total $925.9 million approved under the  
three-year programme. 

The arrangement aimed at restoring debt sustainability and  
macroeconomic stability in the country is to foster a return to high  
growth and job creation while protecting social spending. 

Tao Zhang, Deputy Managing Director and Acting Chair of the IMF,  
issued the following statement: 

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“The authorities have achieved significant macroeconomic gains over  
the course of the ECF-supported program, with rising growth,  
single-digit inflation, fiscal consolidation, and banking sector  
clean-up. Continued macroeconomic adjustment should underpin these  
improvements, as the 2020 elections approach. Progress on structural  
reforms needs to be intensified. Plans to improve public financial  
management and supervision of state-owned enterprises (SOEs), the  
establishment of a fiscal council, and the fiscal rule are welcome.  
Stronger monitoring of fiscal operations, including for SOEs, will  
help mitigate fiscal risks”. 

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