By Today marks the commencement of Ghana’s second review under the three-year, $3 billion IMF-supported post-COVID-19 Programme for Economic Growth (PC-PEG).
Following the successful completion of the initial review in January, the evaluation begins as the IMF mission staff arrived in the country over the weekend. This thorough assessment of Ghana’s progress against the program’s targets is scheduled to span the next two weeks.
Throughout this period, close scrutiny will be placed on Ghana’s adherence to the prescribed program objectives, particularly in areas such as economic recovery, fiscal management, and structural reforms.
The conclusion of this review holds considerable weight for Ghana’s economic path and its ties with international financial bodies.
With optimism, the government anticipates fulfilling all structural benchmarks, thereby unlocking the third tranche of IMF funding totaling $360 million by June’s end.
This assessment by the IMF marks the second review since the completion of the bailout program and the first of two anticipated reviews for this year.
Looking ahead, the subsequent review for 2024 is slated for November.
The IMF team will assess both qualitative and quantitative targets following the disbursement of the second tranche to provide budgetary support to the country.
Nevertheless, this evaluation occurs amidst the government’s ongoing challenges in reaching agreements with its bilateral and commercial creditors for the restructuring of external debts.
Despite these hurdles, the government has achieved notable progress in negotiations and maintains optimism regarding securing the third tranche amounting to $360 million, which would bring total disbursements to approximately $1.56 billion.
During their visit, the IMF will engage with a range of stakeholders, including the President, government officials, representatives from the Central Bank, 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.
