## Ghana: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Ghana

_IMF Staff Country Reports, May 17, 2023_

## Source details

**Canonical URL:** [Ghana: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Ghana](https://www.imf.org/en/publications/cr/issues/2023/05/17/ghana-request-for-an-arrangement-under-the-extended-credit-facility-press-release-staff-533541)

## Other formats

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## Bibliographic details
- Published: May 17, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400244322.002

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### Program objectives
- Restore macroeconomic stability and debt sustainability through an Extended Credit Facility (ECF) arrangement.
- Build resilience and lay the foundation for stronger and more inclusive growth, building on the government's post-coronavirus disease 2019 Program for Economic Growth.
- Reinvigorate private sector-led growth by improving the business environment, governance, and productivity.

### Key policies and adjustment strategy
- Large and frontloaded fiscal consolidation to bring public finances back on a sustainable path.
- Complementary measures to protect vulnerable populations while implementing consolidation.
- Ambitious structural reforms to support the fiscal adjustment and growth objectives.

### Structural reform priorities
- Tax policy reforms.
- Revenue administration improvements.
- Public financial management reforms.
- Measures to address weaknesses in the energy sector.
- Measures to address weaknesses in the cocoa sector.
- Reforms to improve the business environment, governance, and productivity to support private-sector-led growth.

### Debt restructuring and financing
- Securing timely debt restructuring agreements with external creditors is essential for successful implementation of the new ECF arrangement.
- Addressing the financing gap through external creditor agreements is a critical prerequisite for program success.

### Analysis and implementation challenges
- The adjustment effort is supported by a broad and ambitious structural reform agenda; effective implementation will be required to restore debt sustainability and macroeconomic stability.
- Successful execution depends on timely external debt restructuring and coordinated policy actions across fiscal, structural, and sectoral fronts.

*IMF Staff Country Report No. 2023/168: Ghana — Request for an Arrangement Under the Extended Credit Facility (Press Release; Staff Report; and Statement by the Executive Director for Ghana).*

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_Source: https://www.imf.org/en/publications/cr/issues/2023/05/17/ghana-request-for-an-arrangement-under-the-extended-credit-facility-press-release-staff-533541_