IMF team to assess Ghana’s Economic Recovery Programme on September 25
An International Monetary Fund (IMF) staff team is scheduled to visit Ghana from September 25 through the first week of October to evaluate the progress of Ghana’s Economic Recovery Programme.
This visit marks the second review by the IMF since the board approved Ghana’s bailout on May 17, assessing the targets set under the $3 billion three-year extended credit facility.
Finance Minister Ken Ofori-Atta shared the government’s optimism about receiving the second tranche of the IMF bailout funds in December to bolster the government’s balance of payments.
Speaking at the 3rd GIPC CEO’s Breakfast Meeting in Accra, Ofori-Atta stated, “The IMF team will be in Ghana from September 25th through the beginning of October. Hopefully, we will achieve a staff-level agreement during their visit, paving the way for a board meeting in November this year.”
He continued, “I believe that the mission in September will allow us to reach a successful staff-level agreement, strengthening our negotiating position.”
Furthermore, Ofori-Atta affirmed that Ghana remains on track to receive the second tranche of the IMF bailout funds in December, providing essential support for the government’s balance of payments in 2023 and 2024.
According to the Bank of Ghana‘s June 2023 summary of the Economic and Financial Stability Report, the bank’s balance of payments at the end of June 2023 displayed a deficit of $107.8 million, approximately 0.1% of GDP. Notably, this deficit is significantly lower than the one recorded during the same period in 2022.