Ghana has secured a staff-level agreement with the International Monetary Fund, a move that unlocks the next $385 million disbursement of its international bailout programme.
The Finance Minister, Dr Cassiel Ato Forson, announced this last Friday in Accra, stating that the agreement follows a two-week mission by the IMF to review the country’s progress under a $3 billion loan programme.
He stated that the government has met all six of its key fiscal targets and four other metrics, and Ghana will see positive results from President Mahama’s Reset Agenda.
“The numbers confirm our strategy is working; we have met every single commitment we made to the IMF. This agreement is not just about figures; it is about restoring fundamental health to our economy for the long term”, he added.
The minister pointed to a rapid economic turnaround over the past nine months. Key indicators show inflation has plummeted to single digits, interest rates are down, and the Ghana cedi has stabilised. Crucially, non-oil economic sectors, which are the nation’s primary source of employment, are expanding.
“We are seeing growth where it matters most in the real sectors that put Ghanaians to work,” he said. “The Reset Agenda is delivering tangible results for our people.”
The government also reported a budget surplus and a significant reduction in public debt, attributing it to its fiscal consolidation policies. Furthermore, considerable headway has been made in restructuring the country’s bilateral debt, a key component of the overall economic programme.
“Our goal is to finalise all outstanding agreements with our official creditors before the programme concludes,” he added.
He said the IMF’s Executive Board is scheduled to formally approve the fifth review by the end of December, which will trigger the new financial injection. This would bring the total funds disbursed to Ghana under the programme to $2.6 billion.
Dr Forson acknowledged the public’s role in the recovery. “The patience and resilience of the Ghanaian people have been the foundation of this progress,” he said.
Deborah Narkie Nartey, ISD
