By Ghana is a step closer to receiving about $360m from the International Monetary Fund after reaching a staff-level agreement on the second review of its 3 year extended credit facility with the fund.
The agreement, pending final approval by the Executive Board, will mark a significant milestone, bringing the total disbursement from the IMF to $1.56 billion. Ghana had previously received two tranches totaling $600 million in May and December of the preceding year.
In a statement issued by the IMF, it highlighted that performance under the program has been largely positive, with most quantitative objectives achieved and key reforms implemented.
However, the completion of the board review hinges on Ghana and its official bilateral creditors reaching an agreement on a Memorandum of Understanding (MoU) for debt treatment, aligning with the program’s parameters.
“To ensure timely completion of the review, Ghana and its official bilateral creditors need to reach agreement on a Memorandum of Understanding (MoU) for a debt treatment, consistent with the agreement in principle reached in January 2024, “portions of the IMF statement said.
