Gov’t must keep ECF program for sustainable growth and poverty reduction — IMF
The International Monetary Fund (IMF) says Ghana’s government must continue implementing the Economic Credit Facility (ECF) programme as planned to ensure sustainable growth and reduce poverty.
In a press conference on September 12, 2024, the Director of the IMF’s Communications Department, Julie Kozack, commended both the government and the Bank of Ghana for their strong commitment to the programme thus far.
The IMF also welcomed Finance Minister Dr. Mohammed Amin Adams’ reaffirmation of the government’s dedication to the ECF policies.
“Steadfast policy and reform implementation are vital to durably restore macroeconomic stability and debt sustainability in Ghana. It will be crucial for the government to continue to implement the programme as envisaged to ensure sustainable growth and poverty reductions. The authorities have so far demonstrated a strong commitment to the programme at all levels. And we welcome Minister Adams signalling of the government’s continued commitment to policies under the programme”.
Ghana has received $1.6 billion of the $3 billion allocated under the 3-year Economic Credit Facility (ECF) programme.
The most recent tranche of $360 million was accessed in July 2024.
The IMF highlighted that the government’s comprehensive reform programme and strong policy efforts are producing positive outcomes.
Notably, growth in 2023 surpassed initial expectations, inflation is decreasing, and international reserves are on the rise.