The International Monetary Fund (IMF) has approved a $360 million loan for Ghana, bringing the total disbursements under the country’s $3 billion Extended Credit Facility (ECF) to $1.9 billion.
The funds will be used to strengthen the governance of state-owned enterprises, improve domestic revenue generation, rationalize non-priority expenditures and address challenges in the cocoa and energy sectors.
“Ghana’s performance under its ECF-supported reform program has been generally satisfactory. The authorities’ economic strategy is delivering on its objectives, with the economy showing clear signs of stabilization,” said Bo Li, IMF’s Deputy Managing Director.
The IMF projects Ghana will achieve a primary surplus of 0.5% of GDP in 2024, with a target of 1.5% by 2025.
