The International Monetary Fund (IMF) and Ghana have reached a staff-level agreement on the third review of Ghana’s $3 billion extended credit facility.

This was reached after what the Fund described as “programme performance has been generally satisfactory, with remarkable progress on debt restructuring.”

It is however subject to the approval of the IMF Board for the fourth tranche of $360 million. This tranche if approved will bring Ghana’s total disbursements to $1.92 billion.

 Stéphane Roudet, IMF Mission Staff to Ghana said Ghana’s performance under the IMF-supported programme has been generally satisfactory.

During a joint press conference of the IMF, Ministry of Finance, the Bank of Ghana (BoG) in Accra, he disclosed that all end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas.

The authorities’ policy and reform efforts under the program have continued to deliver encouraging results,” he added.

“Economic growth in the first half of 2024 was much higher than initially envisaged, primarily fueled by mining, construction, and information and communication activity, with a broadening of the sources of growth across sectors during the second quarter. Inflation has continued to decline,” he noted.

The Fund however cautioned that the recent dry spell affecting the Northern regions is expected to adversely impact agricultural output, potentially constraining growth and adding pressure on food prices for the remainder of the year. However, the government’s policy response should help mitigate these risks.