Ghana and the International Monetary Fund (IMF) have reached an agreement on the disbursement of the next tranche of $370 million under the ongoing bailout programme.
According to the IMF’s Mission Chief to Ghana, Stéphane Roudet, the Fund’s Executive Board will make a final decision on the disbursement.
This development follows the current government’s commitment to fiscal discipline and expenditure rationalisation in a bid to revive the economy.
The upcoming disbursement will bring the total funding received from the IMF under Ghana’s $3 billion programme, launched in May 2023, to $2.36 billion.
The funds are expected to boost the country’s foreign exchange reserves and cushion the local currency from further depreciation.
In a statement released on April 15, as reported by Reuters, the IMF noted that Ghana’s overall performance under the programme had deteriorated significantly by the end of 2024. However, it acknowledged that authorities had since taken corrective steps to address policy and reform slippages.
“Discussions with the authorities centred on possible additional measures needed to address structural weaknesses in public financial management. All parties have signed the memorandum of understanding with Ghana’s official creditors committee under the G20 Common Framework, and the focus is now on finalizing the bilateral agreements to implement the MoU,” Roudet said.
He added, “The authorities are also pursuing good-faith efforts to reach an agreement with other commercial creditors on a debt treatment that aligns with the programme parameters and the comparability-of-treatment principles.”
Source: www.thepressradio.com
