Ghana: IMF injects $918m to support growth and job creation

Apr 08, 2015

The sum will support the private sector and preserve the financial sector's stability.

The International Monetary Fund (IMF) approved a $918 million loan (€845 million) to Ghana to support a reform program aimed at faster growth and job creation.

It seeks to boost growth and help cut poverty by restoring macroeconomic stability through tighter fiscal discipline, strengthened public finances, and slowing inflation.


The reform measures are expected to dampen non-oil growth initially in 2015 ahead of a projected growth rebound in subsequent years, the IMF said, adding that lower inflation and interest rates would help support private sector activity.

Ghana is one of Africa's frontier emerging markets, having entered the global capital market for the first time in September 2007.


The Economic growth rate reached nine per cent in 2011, but three difficult years followed that were characterised by slowing activity, accelerating inflation, and rising debt levels and financial vulnerabilities.


The programme includes a fiscal adjustment to restore debt sustainability, focusing on containing expenditures through wage restraint and limited net hiring, as well as on measures to mobilise additional revenues.

It also includes structural reforms to strengthen public finances and fiscal discipline by improving budget transparency, cleaning up and controlling the payroll and improving revenue collection.

In addition, it aims to bring inflation back into single digit territory and to preserve financial sector stability.ADNFCR-2976-ID-801782685-ADNFCR