The International Monetary Fund IMF has authorized the immediate release of approximately 360 million to aid Ghana's economic recovery, just days before the country's presidential election.
The IMF praised Ghana's progress under its 3 billion economic reform program, noting improvements in debt restructuring, economic growth, and reducing inflation. Since May 2023, the total amount disbursed under the agreement has reached 1.9 billion. The IMF's Deputy Managing Director, Bo Li, highlighted the importance of maintaining fiscal discipline before and after the December 7 election while ensuring that vulnerable populations are shielded from fiscal adjustments. Ghana's GDP is projected to grow by 4.0 this year, with inflation expected to decrease to 8.0 by the end of 2025.
This approval comes at a crucial time, as the economy is a central issue in the presidential race between Vice President Mahamudu Bawumia of the ruling New Patriotic Party NPP and former President John Mahama of the opposition National Democratic Congress NDC.
