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:
“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”.