IMF endorses economic reforms, extends programme in Ghana

The International Monetary Fund (IMF) after an assessment of the Ghanaian economy; tacitly endorsed the new government’ economic policies and reforms, which are aimed at fostering high growth and job creation.

The Bretton Wood Institution, which approved the amount of $94.2 million under the extended Credit Facility (ECF) to the West African country, also agreed to extend the programme to April, 2018.

Ghana in April, 2014 entered an agreement with the IMF for about US$918 million extended loan facility. It was to be disbursed in tranches. The current disbursement brings the total amount so far received to $565.2 million.

The IMF Board after the completion of the fourth review under the Extended Credit Facility (ECF) and programme extension: and the 2017 Article IV consultation with Ghana expressed mixed feelings about the economy

The Deputy Managing Director and Acting Chair, Mr. Tao Zhang in a release posted on the website of the IMF said, “Ghana’s macroeconomic performance over the years has been mixed. Policy slippages have compounded the adverse impact of shocks and resulted in significant external and domestic imbalances.”

Acknowledging the new administration’s commitment to macroeconomic stability, fiscal discipline and ambitious reform agenda, the fund hinged its success on “decisive implementation of these policies and reforms that will allow Ghana to reap its economic potential and achieve higher and more inclusive growth rates. These efforts will be supported by the continued implementation of the ECF programme.”