IMF Staff Country Reports

Ghana: Third Review Under the Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ghana

December 10, 2024

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Format: Chicago

International Monetary Fund. African Dept. "Ghana: Third Review Under the Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ghana", IMF Staff Country Reports 2024, 334 (2024), accessed September 5, 2025, https://doi.org/10.5089/9798400294907.002

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Summary

This page presents Ghana’s Third Review under the Arrangement under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review. Ghana’s performance under the program has been generally satisfactory, and reform efforts are paying off. Good progress has been made on debt restructuring. Growth is recovering rapidly, inflation has declined, although at a slower pace, and the fiscal and external positions have continued to improve. Steadfast implementation of the policy and reform agenda, including before and after the upcoming general elections, remains essential to fully restore macroeconomic stability and debt sustainability. The Ghanaian authorities have continued to make remarkable headways on their public debt restructuring. After successfully restructuring domestic debt last year and reaching agreement on a Memorandum of Understanding with Ghana’s Official Creditors Committee under the G20 Common Framework in June 2024, the government has completed the exchange of its Eurobonds at conditions consistent with program parameters. The authorities have taken appropriate actions to ensure implementation of banks’ recapitalization plans and start recapitalizing state-owned banks.

Subject: Asset and liability management, Debt restructuring, Debt sustainability analysis, Economic sectors, Energy sector, External debt, Public debt

Keywords: Cash management framework, Debt restructuring, Debt sustainability analysis, Energy sector, Flagship program, Ghana Financial sector fund, Global, Middle East, Policy adjustment, Tenacious implementation

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