Public Management

Ghana: IMF praises government reforms and provides last $185.2 mln tranche of the 2015 ECF programme

Friday, 22 March 2019 16:57
Ghana: IMF praises government reforms and provides last $185.2 mln tranche of the 2015 ECF programme

(Ecofin Agency) - The IMF will provide the last $185.2 million tranche of the $925.9 million extended credit facility signed with Ghana in 2015. This was announced in a release published on the IMF’s website this week.  

The said extended credit facility was aimed at restoring Ghana's debt sustainability and macroeconomic stability in order to favor higher growth and job creation.

The authorities have achieved significant macroeconomic gains over the course of the ECF-supported program, with rising growth, single digit inflation, fiscal consolidation, and banking sector clean-up. Continued macroeconomic adjustment should underpin these improvements, as the 2020 elections approach,” the IMF indicated on its website.  

In 2017, the country’s president Nana Akufo-Addo announced that the country would not extend its agreement which ended in April 2018. Officially, this was to stop being dependant on foreign aid. In November, the government submitted its first budget without an IMF’s programme. It also increased the volume of its bond issuances on the international debt market recently.

“The Fund congratulates the authorities for successfully completing the ECF supported program and stands ready to support Ghana in its quest for economic prosperity,” the IMF concluded after it invited Ghanaian authorities to continue their reforms in internal revenue collection.

Moutiou Adjibi Nourou

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