(Ecofin Agency) - The IMF says Ghana has successfully met its quantitative targets for the end of June 2024.

Last week, the International Monetary Fund (IMF) reached a staff-level agreement with Ghanaian authorities on the economic policies and reforms needed for the third review of the 3-year Extended Credit Facility (ECF). In an October 4 statement, the institution revealed that full approval of this agreement will result in the disbursement of around $360 million for the country.

This will push the total financial aid from the IMF, since May 2023, to roughly $1.9 billion. IMF officials noted that Ghana has been making good progress under the program. “All end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas. The authorities’ policy and reform efforts under the program have continued to deliver encouraging results,” said Stéphane Roudet, the IMF mission chief for Ghana.

The news comes as Ghana continues making headway in restructuring its public debt. The country recently restructured its domestic debt and has begun talks to address its Eurobonds. According to the government, a deal with international bondholders has already reduced the nation's debt to private creditors by 37%.

Ghana has been grappling with financial issues since 2022, which led to a partial default on its external debt. In response, the government introduced tough reforms to manage public spending.

With national elections coming up in December, the rising cost of living and the state of the economy are expected to dominate campaign discussions. Inflation is once again a hot topic, as the Ghana Statistical Service reported a rise to 21.5% in September, up from 20.4% in August, after five months of decline.

Looking ahead, there is hope for Ghana's economy. The IMF predicts the country's GDP will grow by 2.8% this year, with growth accelerating to 4.4% in 2025.