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, following a two-week assessment of the country’s fiscal data by an IMF mission team. The review evaluated Ghana’s progress against set targets and structural benchmarks as of the end of June 2024.
The IMF praised Ghana’s overall performance under the program, highlighting significant advancements in debt restructuring efforts. However, the staff-level agreement remains subject to approval by the IMF Board, which would unlock the fourth tranche of $360 million. If approved, this disbursement will bring Ghana’s total received funds under the program to $1.92 billion.
IMF mission chief to Ghana, Stéphane Roudet, stated, “Performance under the IMF-supported program has been generally satisfactory. All end-June 2024 quantitative targets were met, and key structural reforms are progressing, despite delays in a few areas.”
One of Ghana’s notable achievements has been the successful restructuring of its Eurobond debt, with a 98% participation rate from bondholders. This follows the country’s successful domestic debt restructuring last year and an agreement reached with the Official Creditors Committee (OCC) under the G20 Common Framework.
Roudet noted that Ghana is committed to engaging with other commercial creditors in good faith to reach a debt treatment agreement consistent with program objectives and comparability of treatment principles. The government is expected to proceed with the Eurobond exchange in the coming weeks, marking another critical step in its broader debt restructuring efforts.