The International Monetary Fund (IMF) has approved the immediate disbursement of approximately $360 million to Ghana to aid its economic recovery, just days ahead of the nation’s highly anticipated presidential election.
In a statement, the IMF praised Ghana’s progress under its $3 billion economic reform program, highlighting advancements in debt restructuring, economic growth, and inflation control. This latest disbursement brings the total amount released since the agreement began in May 2023 to $1.9 billion.
“Ghana’s performance under the program has been generally satisfactory, and reform efforts are yielding positive results,” the IMF noted. Deputy Managing Director Bo Li stressed the importance of maintaining fiscal discipline both before and after the December 7 election, while safeguarding vulnerable populations from the impact of fiscal adjustments.
Ghana’s GDP is projected to grow by 4.0% in 2024, with inflation expected to decline to 8.0% by the end of 2025.
The approval comes at a critical juncture, as the economy has become a focal point in the presidential contest between Vice President Mahamudu Bawumia of the ruling New Patriotic Party (NPP) and former President John Mahama of the opposition National Democratic Congress (NDC).
Bawumia has emphasized the NPP’s achievements in stabilizing the economy, while Mahama has pledged to renegotiate parts of the IMF deal to prioritize social spending and infrastructure development.
Once considered a top destination for investors, Ghana faced a severe financial crisis in 2022, leading the government to default on its external debt and negotiate the current three-year IMF bailout.
The IMF urged Ghana to sustain fiscal policy adjustments and strengthen social programs to secure long-term economic recovery.
With the December 7 election fast approaching, the disbursement serves as both a financial boost and a measure of voter confidence in Ghana’s path to economic stability.
