By Enyichukwu Enemanna
US-based lender, the International Monetary Fund (IMF), has commended world cocoa giant Ghana for making headway in its economic reforms and debt restructuring initiated months ago by the government.
“The new authorities have responded decisively to secure achievement of the programme targets and keep the structural reform agenda on track,” the IMF said in a statement on Monday, announcing the completion of the fourth review of the country’s extended credit facility arrangement.
President John Mahama came to office in January after the gold-rich West African nation experienced its worst economic downturn in years.
The IMF review allows for the release of the latest tranche towards the $3 billion rescue package.
The Ghana finance ministry hailed the approval, “clearing the path for a substantial $370 million disbursement!”
“This landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation,” the ministry said in a post on X.
“Today marks another decisive step forward in Ghana’s economic recovery journey,” it said.
Mahama had, upon his landslide electoral victory in December, promised to “reset” Ghana, usher in economic revival, and renegotiate parts of the country’s $3 billion IMF accord.
The IMF said the new authorities have also “continued to make headway” on the public debt restructuring.
“Faced with large policy slippages and reform delays at end-2024, the new administration has taken bold corrective actions to maintain the programme on track,” IMF Deputy Managing Director for Ghana, Bo Li, said.
