The Finance Minister of Ghana, Dr. Mohammed Amin Adam, has expressed gratitude to Ghanaians for their patience as the country navigates the conditionalities tied to the International Monetary Fund (IMF) bailout. This comes after the IMF Executive Board completed its second review of Ghana’s $3 billion, 36-month Extended Credit Facility (ECF) Arrangement, approved in May 2023.
The completion of this review triggered an immediate disbursement of approximately $360 million, bringing Ghana’s total disbursements under the arrangement to about $1.6 billion. Dr. Adam thanked various stakeholders, including the general public, for their support throughout this process. He specifically acknowledged the leadership of President Nana Akufo-Addo and the support from the IMF, World Bank, and other development partners.
In a video message, the Finance Minister expressed confidence in Ghana’s journey towards economic recovery. “We are very confident that we can travel this journey together and bring back an economy that is strong enough to deliver the benefits and the development to you all over the country,” he stated.
IMF Deputy Managing Director Kenji Okamura praised Ghana’s performance under the ECF-supported reform program, highlighting the country’s progress in restoring macroeconomic stability and reducing debt vulnerabilities. He noted that Ghana’s economic reform program is yielding positive results, with signs of stabilization becoming evident. The country has shown resilience, with growth surpassing expectations, faster-than-anticipated inflation decline, and improvements in both fiscal and external positions.
Despite some delays, Ghana has made notable progress in key structural reforms and is advancing its comprehensive debt restructuring. On June 11, 2024, Ghana reached an agreement with its Official
