An IMF team of experts is scheduled to visit Ghana from September 25th through the first week of October to evaluate the progress of Ghana’s Economic Recovery Program.
This visit marks the second one by the IMF following the approval of Ghana’s $3 billion three-year extended credit facility on May 17th, where targets were reviewed.
The Ghanaian government remains optimistic about receiving the second installment of the IMF bailout funds in December to bolster the country’s balance of payments.
Finance Minister Ken Ofori-Atta made this announcement during the 3rd GIPC CEO’s Breakfast Meeting in Accra, stating, “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.”
“I believe that by going through the mission in September, we should be able to reach a successful staff-level agreement, and that will help us in our negotiating position,” he said.
In addition, Mr. Ofori-Atta expressed confidence that Ghana is on track to receive the second tranche of the IMF bailout funds in December, which will provide vital support for the government’s balance of payments in 2023 and 2024.
According to the Bank of Ghana’s Economic and Financial Stability Report for June 2023, the bank’s balance of payments at the end of June 2023 showed a deficit of $107.8 million, approximately 0.1% of GDP.
This deficit was notably lower than the one recorded during the same period in 2022.
