IMF approves final $371 million tranche of Ghana's economic aid program

The IMF stated that Ghana's performance under the program was "broadly satisfactory," citing improved fiscal performance, higher foreign exchange reserves, and progress in public debt restructuring. Ghana sought assistance in 2022 due to soaring debt, high inflation, and a depreciating currency. The $3 billion program was approved in May 2023.

Bo Li, IMF Deputy Managing Director, noted that the overall debt restructuring is largely complete, and Ghana's risk of debt distress has returned to a moderate level. The IMF upgraded Ghana's debt distress risk rating after the country signed debt relief agreements with over half of its bilateral creditors. Negotiations with external commercial creditors are ongoing.

The IMF granted Ghana a waiver after the central bank exceeded a program target for credit to the state and public entities. Finance Minister Cassiel Ato Forson informed the Ghanaian Parliament that this was the only performance indicator Ghana did not meet. The Finance Ministry views the program's completion as a reflection of the country's progress in restoring economic stability, highlighting fiscal discipline, reduced inflation, strengthened external reserves, and other key reforms.

The IMF indicated that Ghana will transition to a non-financial Policy Coordination Instrument, a framework that supports reforms and enhances policy credibility with investo