- The International Monetary Fund (IMF) has approved the immediate disbursement of around $360 million to support Ghana’s economy.
- The decision comes ahead of Ghana’s presidential election on December 7, where the economy is a key issue.
- Ghana’s performance under the IMF program has been deemed “generally satisfactory”, with reform efforts paying off.
- The IMF expects Ghana’s GDP to grow by 4.0 percent this year and by 4.4 percent in 2025.
- Inflation is expected to ease from 18.0 percent to 8.0 percent by the end of 2025.
The International Monetary Fund (IMF) has approved the immediate disbursement of around $360 million to support Ghana’s economy, just days before the country’s presidential election on December 7. This decision comes after Ghana’s performance under the IMF program was deemed “generally satisfactory,” with reform efforts paying off .
Ghana, a significant producer of oil, gold, and cocoa, faced a severe financial crisis in 2022, leading to a default on its external debt and a subsequent three-year, $3 billion relief package with the IMF. The economy has become a crucial issue in the upcoming presidential election, with the ruling NPP party candidate and current Vice President Mahamudu Bawumia facing off against former president and NDC party candidate John Mahama.
The IMF’s approval unlocks around $360 million, bringing the total disbursed since the loan agreement was approved in May 2023 to around $1.9 billion. IMF Deputy Managing Director Bo Li emphasized the importance of staying the course of fiscal policy adjustment, both before and after the election, to put public finances on a sustainable path and reduce financing needs .
The IMF expects Ghana’s GDP to grow by 4.0 percent this year and by 4.4 percent in 2025, with inflation easing from 18.0 percent to 8.0 percent by the end of 2025 .
