Story by Lawrence Odoom/Phalonzy
The International Monetary Fund (IMF) has officially disbursed $367 million to the Bank of Ghana, marking a paramount milestone in the country’s economic reform journey.
The funds, credited to the central bank’s account on July 9, represent the fifth tranche of the $3 billion IMF programme approved in 2023 under the Extended Credit Facility arrangement.
This latest disbursement is set to bolster Ghana’s external buffers, stabilize the local currency, and facilitate the government’s efforts to meet critical balance-of-payment obligations.
According to Dr. Cassiel Ato Forson, the Finance Minister, Ghana has exceeded expectations under the IMF programme, thereby restoring both local and international confidence in the economy.
The IMF programme, initiated in May 2023, aims to restore macroeconomic stability and debt sustainability after a period of economic turbulence characterized by high inflation, currency depreciation, and unsustainable debt levels. The programme’s success hinges on periodic reviews that assess Ghana’s progress on fiscal, structural, and financial reforms.
As Ghana continues to steer debt restructuring negotiations with external creditors and Eurobond holders under the G20 Common Framework, the latest disbursement is expected to support budget operations and further stabilize the cedi. Economists have emphasized the importance of channeling the funds into critical sectors such as agriculture to drive growth and ensure long-term sustainability.
“I think if I were to suggest, I would say we should use it to support the agricultural sector in the meantime and perhaps some of the road projects that have stalled. The stalling of those road projects tends to increase costs, and we’ve seen that agriculture is the fulcrum. It’s a very important aspect. Now that the government has launched the 24-hour economy, I think agriculture should be at the heart of it,” Professor Patrick Asuming opined.
The IMF’s support is expected to play a crucial role in Ghana’s efforts to rebuild macroeconomic resilience and return to a growth trajectory. As the country continues to implement key reforms, the latest disbursement is a welcome boost to its economic stabilization efforts.
