IMF Approves $2.4 Billion Bailout Package for Ghana, Disbursed in Tranches
The International Monetary Fund (IMF) has announced that Ghana will receive a $2.4 billion bailout package, which will be distributed in tranches every six months following program evaluations. The initial disbursement of $600 million is expected in September 2023 to support the country’s balance of payments.
During a recent IMF event, Julie Kozack, Director of the IMF Communication Department, stated that the formal first review mission will take place in September 2023. The IMF program for Ghana focuses on three main objectives: restoring macroeconomic stability, ensuring debt sustainability, and laying the groundwork for higher and more inclusive growth. The program also includes comprehensive reforms aimed at enhancing resilience and protecting the most vulnerable.
Regarding debt restructuring, Kozack mentioned that the official creditor committee and the Ghanaian government need to agree on specific modalities of debt relief. Additionally, the government is in discussions with external private creditors for relief on its external debt. The government is also finalizing the restructuring of its domestic debt, with a staff team visiting Accra from June 8th to 15th, 2023, as part of the regular technical program engagement.
Ghana successfully secured an IMF program in May 2025, and the initial disbursement of $600 million serves as the first tranche of the Extended Credit Facility (ECF) program. The IMF’s support aims to restore stability, ensure debt sustainability, and promote inclusive growth in Ghana’s economy.