Starting today, Tuesday, April 2, 2024, Ghana embarks on its second review of the three-year, $3 billion IMF-supported post-COVID-19 Programme for Economic Growth (PC-PEG).
This follows the successful completion of the initial review in January.
Over the weekend, a team from the IMF arrived in Ghana to begin evaluating the country’s performance against the program’s objectives. This assessment will span the next two weeks.
During this period, Ghana’s adherence to the prescribed program objectives will be closely scrutinized, particularly focusing on economic recovery, fiscal management, and structural reforms.
The outcome of this review holds significant implications for Ghana’s economic path and its ties with international financial institutions.
The government expresses confidence in passing this review, aiming to meet all structural targets to unlock the third tranche of IMF funding worth $360 million by the end of June.
This marks the second program review following the completion of the bailout, with the first review of the year. The subsequent review for 2024 is scheduled for November, where the IMF team will evaluate qualitative and quantitative targets post the release of the second tranche for budgetary support.
However, amidst these efforts, the government faces challenges in reaching agreements with bilateral and commercial creditors for external debt restructuring.
Despite making progress in negotiations, there is optimism in securing the third tranche of $360 million, bringing the total disbursements to about $1.56 billion so far.
During their visit, the IMF team will engage with various stakeholders, including the President, government officials, Central Bank representatives, and civil society organizations.
Both the Finance Minister, Dr. Mohammed Amin Adam, and Bank of Ghana Governor, Dr. Ernest Addison, affirm that the government is committed to staying the course.
The IMF mission will conclude on Friday, April 12, 2024, following which they will return to Washington DC with their status report, subject to approval by the IMF Board.
