The Bank of Ghana (BoG) has received the second tranche of $600 million from the International Monetary Fund (IMF) under Ghana’s three-year Extended Credit Facility (ECF) arrangement.
This marks a significant step in Ghana’s commitment to fiscal stability and economic recovery.
The total ECF Arrangement is $3 billion, approved by the IMF Executive Board on May 17, 2023.
The funds are allocated for budget support and stabilizing the local currency.
Ghana has now received a total of $1.2 billion, including the initial tranche.
The second tranche is designated for financing specific projects and programs outlined in the 2024 budget.
This strategic allocation aims to enhance the impact of the funds on targeted development initiatives.
The completion of the first ECF review paved the way for the immediate disbursement of $600 million.
Financial Analysts expect improved investor sentiment, following the expected inflow of the $600 million.
The IMF Executive Board expressed satisfaction with Ghana’s performance under the program, indicating positive results from implemented reforms.
Ghana’s negotiations with bilateral lenders, including China and France, facilitated the release of the second disbursement.
The IMF’s positive evaluation positions Ghana for future reviews, with the next one scheduled in six months for the potential disbursement of the third tranche ($720 million).
The successful receipt of the second tranche has unlocked additional funding from other international donors, reflecting confidence in Ghana’s commitment to economic reform and recovery.
Ghana continues to navigate global economic challenges, and the IMF’s ongoing support is vital for sustainable growth and stability.
