Accra - The International Monetary Fund (IMF) has approved a $360 million disbursement to Ghana, marking the third installment of a $3 billion loan program aimed at supporting the country’s economic reforms and recovery efforts.

According to Burkina Information Agency, this recent disbursement brings the total funds released to Ghana under the current loan program to $1.56 billion. The funds were granted following the successful second review of the reforms implemented by the Ghanaian authorities. The IMF highlighted that "The Ghanaian government's reform efforts are bearing fruit: economic growth has been more robust than expected, inflation has fallen rapidly compared to the peaks observed in 2022, and the fiscal situation has improved." Despite these positive developments, Ghana still faces significant economic challenges, including high inflation at 22.1% as of last May, and considerable external debt, which was about $30 billion at the start of 2023.