The Executive Board of the International Monetary Fund (IMF) has completed the last review of the Extended Credit Facility (ECF) for Ghana, signifying the conclusion of the four-year support programme. The Executive Board decision now allows for the disbursement of the last tranche of SDR132.84 million (about US$185.2 million) to Ghana. The board completed the seventh and eighth reviews on Wednesday, March 20, 2019, a statement issued by the IMF on Thursday said.
The ECF-supported programme for Ghana paved the way for a significant improvement in Ghana’s macroeconomic performance. The IMF statement indicated that considering that the Ghanaian authorities’ resolved to tackle difficult reforms, the Executive Board also approved the authorities’ request for a waiver of the non-observance of a few programme targets.
Ghana’s three-year arrangement with the IMF was approved on April 3, 2015, for SDR 664.20 million (about US$925.9 million or 180 per cent of quota at the time of approval of the arrangement). It was extended for an additional year on August 30, 2017, and ending on April 2, 2019.
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