Ghana has witnessed significant economic growth over the past decade with real GDP growth rising steadily from 3.7 percent in 2000 to 11.5 percent in 2011 before decelerating to 4.0 percent in 2014 mainly on account of energy challenges.
Due to a combination of unfavourable global factors and domestic challenges, the economy has come under severe stress since 2012, leading to double digits fiscal and external current account deficits.
On Friday, 3rd April, 2015, the Executive Board of the International Monetary Fund (IMF) approved a 3-year Extended Credit Facility (ECF) Programme for Ghana.
A total amount of SDR664.20 million (US$918 million) will be given to Ghana as balance of payments support over the 3-year period. The total amount will be disbursed in eight (8) equal tranches. The first disbursement was made immediately after the Executive Board approval of the programme.
The remaining seven (7) disbursements will be made after the observance of the performance criteria and completion of reviews under the Programme.