IMF reaches staff level agreement with Ghana on 2nd review
The International Monetary Fund (IMF) has reached a staff level agreement with Ghana to conclude the second review of the 36-month ECF-supported program.
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The agreement will pave way for release of a third tranche of US$360 million, pending approval by the Executive Board of the IMF.
A release by the IMF said performance under the program has been generally strong, with most quantitative objectives met and key reforms implemented.
“The authorities’ strong policy and efforts have continued to yield positive results: economic growth is higher than initially expected; inflation has continued to decline; and both fiscal and external positions have improved significantly in 2023,” the release noted.
The IMF however indicated that to ensure timely completion of the review, Ghana and its official bilateral creditors need to reach agreement on a Memorandum of Understanding (MoU) for a debt treatment, consistent with the agreement in principle reached in January 2024.
