The International Monetary Fund (IMF) has revealed that Ghana’s Performance under the program has been generally strong, with most quantitative objectives met and key reforms implemented.
According to the IMF, the authorities’ strong policy and efforts have continued to yield positive results: economic growth is higher than initially expected; inflation has continued to decline; and both fiscal and external positions have improved significantly in 2023.
The IMF in a statement released on Saturday, April 13, 2024, said Ghana will have access to about US$360 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board.
It said “To ensure timely completion of the review, Ghana and its official bilateral creditors need to reach an agreement on a Memorandum of Understanding (MoU) for a debt treatment, consistent with the agreement in principle reached in January 2024.”
Upon completion of the Executive Board review, Ghana would have access to SDR 269.1 million (about US$ 360 million), bringing the total IMF financial support disbursed under the arrangement since May 2023 to SDR 1,171.9 million (about US$ 1,560 million).
“Performance under the IMF-supported program has been generally strong, with most quantitative targets met. Good progress has also been made on the key structural reform milestones. The authorities’ policies and reforms to restore macroeconomic stability and debt sustainability while laying the foundations for stronger and more inclusive growth are already generating positive results.
Source: Mybrytfmonline/Mensah Atakora
