(Ecofin Agency) - The executive board of the International Monetary Fund (IMF) has just approved the disbursement of $191 million under an extended credit facility (ECF) arrangement to Ghana. This was revealed by the institution in a statement published yesterday May 1.

This new financing is part of a $955.2 million ECF granted in 2015 whose term is scheduled to end this year. The program was designed to enable the West African country to restore debt sustainability and macroeconomic stability to boost growth and job creation.

The latest review mission conducted by the institution within the country revealed that Ghana achieved significant performance in 2017, with a growth rebound, a decline of the budget deficit and the implementation of measures to address the financial sector’s weaknesses.

This disbursement is expected to be one of the last granted by IMF, under the current president’s regime who had earlier declared its intention to stop resorting to IMF’s support.

Let’s note that with the new disbursement, the total financing granted under the agreement is $764.1 million.

Moutiou Adjibi Nourou