Ghana Gets Final $371m Tranche of IMF Bailout

The International Monetary Fund has approved a final disbursement of about $371 million to Ghana, the last tranche under the country's $3 billion support programme.

The IMF said Monday, after completing its sixth and final review, that Ghana's performance under the programme was "broadly satisfactory". It cited stronger fiscal performance, higher foreign reserves and progress in restructuring public debt.

The $3 billion programme was approved in May 2023 after Ghana turned to the IMF in 2022 during a crisis marked by rising debt, high inflation and a falling currency.

IMF deputy managing director Bo Li said Ghana's comprehensive debt restructuring was largely complete and that its risk of debt distress had returned to moderate.

The IMF said Ghana's debt distress rating was upgraded after it signed debt relief agreements with more than half of its bilateral creditors while continuing "good faith" negotiations with external commercial creditors.

The fund said it granted Ghana a waiver after the central bank breached a programme target by exceeding the ceiling on credit extended to the government and public entities. Finance Minister Cassiel Ato Forson told parliament last week that this was the only performance measure Ghana failed to meet under the programme.

Ghana's finance ministry said completion of the programme reflected progress in restoring economic stability, citing fiscal discipline, reduced inflation, stronger external buffers and other reforms.

The IMF said Ghana would now transition to a non-financing Policy Coordination Instrument, a framework that supports reforms and signals policy credibility to investors without providing funding.