The second tranche of money that the Ghanaian government have received from their IMF bailout is part of a $3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was approved by the IMF in May 2023. The ECF is a programme to support Ghana’s economic recovery from the COVID-19 pandemic and to implement structural reforms to enhance growth and stability.
The IMF Executive Board completed the first review of the ECF Arrangement on January 19, 2024, and approved the immediate disbursement of $600 million to Ghana. This brought the total disbursement under the programme to $1.2 billion. The approval was based on Ghana’s satisfactory performance in meeting the programme targets and reaching an agreement with its bilateral lenders, including China and France.
The Finance Minister of Ghana, Ken Ofori-Atta, welcomed the IMF’s endorsement and said it was a resounding affirmation of Ghana’s progress in its economic reform trajectory. He also said that the funds would be used to support the 2024 budget and to implement ambitious structural reforms in various sectors.
