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BusinessIMF staff arrives in Ghana for 2nd review of $3bn economic recovery...

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IMF staff arrives in Ghana for 2nd review of $3bn economic recovery program

Ghana is under the IMF’s scrutiny as its team commences the second review of the $3 billion economic recovery program post-COVID-19, starting April 2, 2024, following the successful completion of the first review in January.

Over the next two weeks, the IMF staff will evaluate Ghana’s progress towards program goals, particularly focusing on economic recovery, fiscal management, and reforms.

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The outcome of this review holds significant importance for Ghana’s economy and its relationship with global financial institutions. The government is optimistic about passing the review to unlock the third tranche of IMF funds worth $360 million by June.

This marks the second review since the program’s inception and the first of two expected this year, with the next review scheduled for November 2024.

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Despite challenges in debt restructuring with creditors, Ghana is making strides, aiming to secure the third tranche of $360 million, adding to the $1.56 billion disbursed so far.

During their visit, the IMF team will engage with the President, government officials, the Central Bank, and civil society groups. Both the Finance Minister and the Bank of Ghana Governor have affirmed the government’s unwavering commitment to the program.

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The IMF mission will conclude on April 12, 2024, following which the team will return to Washington DC. The report will then undergo review by the IMF Board for approval.

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