Ghana officially out of IMF’s Extended Credit Facility (ECF) program

Ghana officially out of IMF’s Extended Credit Facility (ECF) program

Ghana will officially exit the International Monetary Fund’s (IMF) Extended Credit Facility (ECF) programme on Tuesday, April 2, 2019. reports that the executive board of the IMF completed the seventh and eight reviews under the Extended Credit Facility (ECF) support arrangement.

The executive board took the decision on Wednesday March 20, 2019, and made available to Ghana a cumulative amount of Special Drawing Rights (SDR) 132.84 million (about US$185.2 million).

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IMF, in a news release in March 2019, stated, “Considering the authorities’ resolve to tackle difficult reforms, the executive board also approved the authorities’ request for a waiver of the non-observance of a few program targets.”

According to the release “the arrangement aimed to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.”

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