The International Monetary Fund (IMF) Chief Mission for Ghana Stéphane Roudet has disclosed that the Fund has revised its growth projection for Ghana from 2.8% to 3.1 % for this year.
The IMF executive board on Friday (28 June) approved the second review of Ghana’s US$3 billion loan programme.
The latest approval allows for the immediate disbursement of $360 million to the country to boost its economic recovery.
The decision came after Ghana finalised a deal with its official creditor committee, a step that had been a prerequisite to unlock the second tranche of funding.
The new tranche will take total IMF disbursements under the three-year bailout programme, designed to help Ghana out of its economic challenges, to roughly $1.6 billion.
Speaking at a joint IMF/Ministry of Finance news conference in Accra on Monday, Roudet said, “Signs of economic stabilisation are emerging. For example, economic growth has proven more resilient than initially envisaged. Therefore, we are revising our growth projection up from 2.8% to 3.1% for 2024.
“Inflation is declining rapidly, from 54 % in December 2022 to 23% in May 2024, and Ghana’s international reserves have been increasing.”
