This final installment brings total payouts under the program to $3 billion, officially ending the financial bailout package launched in May 2023.
Ghana, one of Africa’s top gold producers, originally requested international help after facing severe economic distress caused by high inflation, heavy debt, and a falling currency (the cedi).
IMF praised Ghana’s progress
To rebuild trust with investors and fix its finances, the Ghanaian government reworked the terms of its home and overseas loans.
Alongside debt relief, officials cut unnecessary costs, improved tax collection, and built up foreign currency reserves to support the cedi.
These actions helped steady the exchange rate, slow down price hikes, and kickstart a gradual economic recovery.
IMF Deputy Managing Director Bo Li praised the country’s progress. Stating that “the program had been broadly satisfactory, with sustained reform efforts and favorable commodity price developments helping to stabilize the economy and lower debt risks.”
Ghana’s comprehensive debt restructuring was largely complete and its risk of not being able to service its debt had returned to moderate. Continued reforms and strict fiscal discipline would be essential to address remaining vulnerabilities.” he added.
Staying careful with spending IMF bailout
Now that the financial aid program has ended, international policy experts stress that Ghana must keep up its reform efforts on its own.
Source: Africabusinessinsider