Market News

BY  Maxwell Akalaare Adombila

ACCRA, Dec 2 (Reuters) – The International Monetary Fund (IMF) has approved the third review of Ghana’s $3 billion lending programme, unlocking an immediate disbursement of about $360 million, the IMF said Monday.

“Ghana’s performance under the IMF-supported program has been generally satisfactory. All quantitative performance criteria and indicative targets for the third review were met,” the IMF said in a statement.

The country’s finance minister, Mohammed Amin Adam, earlier on Monday told Reuters the review had been approved.

The West African gold and cocoa producer has been recovering from the impact of its 2022 debt default and is set to hold a presidential and parliamentary election on Dec. 7.

“With three successful IMF reviews in a row, it shows the determination of the government to turn the economy to winning ways. We have demonstrated uncharacteristic discipline in fiscal management,” Amin told Reuters.

“We appreciate the enormous work we still have to do, and we will do everything for the benefit of our people,” he added.

The IMF board approved Ghana’s current lending programme in May of last year, and the arrangement expires in 2026.

Ghana’s debt restructuring is expected to lower its debt owed to bondholders by $4.7 billion and provide cash flow relief worth $4.4 billion during the period of the IMF programme.

(Reporting by Maxwell Akalaare Adombila; writing by Anait Miridzhanian and Duncan Miriri; editing by Mark Heinrich and Deepa Babington)