Ghana's $3 billion programme under the International Monetary Fund's 36-months Extended Credit Facility (ECF) has been flagged for significant policy slippages and delays in reform implementation, according to the Fund's latest review.
The IMF described the country's programme performance as having "deteriorated markedly" by the end of 2024.
This was revealed in the Fund's update following the completion of Ghana's Fourth Review, which also approved the disbursement of $367 million, bringing the total amount disbursed under the programme to approximately $2.3 billion.
The Fund acknowledged that while Ghana recorded stronger-than-expected economic growth and saw a significant improvement in its external position in 2023, programme implementation suffered setbacks heading into the election year. "This reflected pre-election fiscal slippages; inflation above program targets-though recent data point to renewed rapid disinflation; and reforms delays. ," the IMF stated.
