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Ghana is making notable progress in its economic reform efforts and debt restructuring, the International Monetary Fund (IMF) said on Monday, six months after President John Mahama assumed office.
Mahama, who returned to power following a sweeping victory in December, took office in January amid one of the worst economic crises the gold- and cocoa-rich nation has faced in years. Since then, his administration has been working to reset the economy and renegotiate aspects of Ghana’s $3 billion IMF rescue package.
“The new authorities have responded decisively to secure achievement of the program targets and keep the structural reform agenda on track,” the IMF stated as it announced the completion of the fourth review under Ghana’s extended credit facility arrangement.
The successful review has unlocked the latest tranche of funding under the deal. According to the finance ministry, it “clears the path for a substantial $370 million disbursement!”
In a post on X (formerly Twitter), the ministry celebrated the milestone: “This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation. Today marks another decisive step forward in Ghana’s economic recovery journey.”
The IMF acknowledged the government’s efforts in managing the country’s debt. “The new authorities have also continued to make headway on the public debt restructuring,” the Fund said.
IMF Deputy Managing Director for Ghana, Bo Li, praised the administration’s swift action in addressing previous policy lapses. “Faced with large policy slippages and reform delays at end-2024, the new administration has taken bold corrective actions to maintain the program on track,” he said.
