IMF mission to assess Ghana's Economic Recovery Programme from September 25An International Monetary Fund (IMF) staff team is scheduled to visit Ghana from September 25 to the first week of October to evaluate the progress of the country's Economic Recovery Programme.This visit marks the second assessment by the IMF following the approval of Ghana's bailout on May 17, which involved a comprehensive review of the targets outlined in the $3 billion three-year extended credit facility.Speaking at the 3rd GIPC CEO’s Breakfast Meeting in Accra, Finance Minister Ken Ofori-Atta revealed that the government is eagerly anticipating the disbursement of the second tranche of the IMF bailout funds in December to bolster the country's balance of payments."The fund will be here on September 25th through the beginning of October. Hopefully, we will get the staff-level agreement then, and then we will go to the board in November of this year," stated Ofori-Atta, expressing optimism about reaching a successful staff-level agreement following the September mission. He also emphasized the importance of this agreement in enhancing Ghana's negotiating position.In addition, Ofori-Atta assured that Ghana remains on course to receive the second tranche of the IMF bailout cash in December, which will provide crucial support for the government's balance of payments for 2023 and 2024.According to the Bank of Ghana's June 2023 summary of the Economic and Financial Stability Report, the bank's balance of payments at the end of June 2023 showed a deficit of $107.8 million, equivalent to approximately 0.1% of GDP. This deficit represents a significant improvement compared to the same period in 2022, reflecting the government's efforts to stabilize the country's economic situation
Ghana’s finance ministry says some financing assurances could be secured soon after meetings with China. Ghana secured a staff-level agreement through the International Monetary Fund in December for a $3 billion loan but must first ask bilateral lenders to provide financing assurances on existing debts before the IMF board can sign off on the programme.
In a tweet, finance minister Ken Ofori-Atta said “So far had very positive and encouraging meetings in China! Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills back home. Great progress and all fronts”.
China’s commerce ministry said on Friday that its vice commerce minister met with Ghana’s finance minister in Beijing on Thursday to discuss strengthening bilateral economic and trade cooperation. China is Ghana’s biggest bilateral creditor with about $1.9 billion of debt, according to Ghana’s finance ministry.
