An International Monetary Fund (IMF) staff team is scheduled to visit Ghana from September 25 through to the first week of October to assess the progress of Ghana’s Economic Recovery Programme.
This visit marks the second assessment by the IMF since its board approved Ghana’s bailout on May 17 and reviewed the targets outlined in the $3 billion three-year extended credit facility.
The Ghanaian government is optimistic about receiving the second tranche of the IMF bailout funds in December, which will provide support for the government’s balance of payments.
Finance Minister Ken Ofori-Atta revealed this information during the 3rd GIPC CEO’s Breakfast Meeting in Accra. He stated, “The fund will be here on September 25th through the beginning of October.
“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.
Additionally, Ofori-Atta mentioned that Ghana is on track to receive the second tranche of the IMF bailout funds in December, which will support the government’s balance of payments for the years 2023 and 2024.
As of June 2023, the Bank of Ghana’s summary of the Economic and Financial Stability Report showed a deficit of $107.8 million in the balance of payments, which is approximately 0.1% of GDP. This deficit is notably lower than the deficit recorded during the same period in 2022.