Today, Tuesday, April 2, 2024, marks the beginning of Ghana’s second review under the three-year, $3 billion IMF-supported Program for Economic Growth (PC-PEG), following the successful completion of the initial review in January.
Over the weekend, IMF mission staff arrived in Ghana to assess the country’s performance against program objectives, with the evaluation scheduled to last two weeks.
The scrutiny will particularly focus on Ghana’s compliance with prescribed objectives in economic recovery, fiscal management, and structural reforms.
The outcome of this evaluation holds significant implications for Ghana’s economic trajectory and its relationship with international financial institutions.
The government is optimistic about passing the IMF program review, aiming to meet all structural targets to unlock the third tranche of IMF funding, totaling $360 million, by June’s end.
This review marks the second assessment since finalizing the bailout and the first of two expected this year, with the next scheduled for November 2024. The IMF team will evaluate qualitative and quantitative targets following the release of the second tranche for budgetary support.
Despite challenges in negotiations with bilateral and commercial creditors for external debt restructuring, the government remains hopeful of securing the third tranche, bringing total disbursements to about $1.56 billion.
During the visit, the IMF will be meeting, the President, government and Central Bank officials, and civil society organizations among others.
Finance Minister, Dr Mohammed Amin Adam and Bank of Ghana Governor, Dr. Ernest Addison have both assured that the government is prepared to stay the course.
The IMF mission staff will end on Friday, April 12, 2024, after which they will return to Washington DC with their status report subject to the approval of the IMF Board.