The Minister for Finance, Dr. Mohammed Amin Adam, announced on Tuesday that the 2nd Review of Ghana's 3-year, US$3 billion IMF-Supported Post Covid-19 Programme for Economic Growth (PC-PEG) is scheduled to take place from the 2nd to the 12th of April 2024. This follows the successful completion of the 1st Review on January 19th, 2024.
During the 2nd Review, an IMF mission will engage with Ghanaian authorities in technical and policy discussions to assess Ghana's performance on program objectives, including quantitative performance criteria, indicative targets, monetary policy consultation clauses, and structural benchmarks concerning end-December 2023 targets. Additionally, they will review performance towards upcoming targets.
Approval of the 2nd review by the IMF Executive Board, expected in June 2024, will trigger the release of the 3rd tranche of US$360 million, bringing total disbursements under the program to US$1.56 billion.
Dr. Adam emphasized that the Ministry of Finance, in collaboration with the Bank of Ghana, is preparing for the IMF 2nd Review Mission. Preliminary assessments indicate that Ghana is on track to meet most targets under the program.
The government is also focused on fast-tracking external debt restructuring, optimizing domestic revenue mobilization, and controlling and rationalizing expenditures. Counterproposals on debt treatment scenarios have been received from bondholder groups, and discussions will commence in the coming weeks.
Despite 2024 being an election year, the government remains committed to implementing the IMF-supported program and World Bank-supported Development Policy Operations. Additionally, a growth strategy is being pursued with a focus on improving SME productivity for growth and job creation.
Dr. Adam highlighted the stable macroeconomic environment, signs of economic recovery, and resilient growth. Inflation is declining, the exchange rate has stabilized, gross international reserves are improving, and fiscal consolidation is holding.
The Minister expressed appreciation for the cooperation and sacrifice of all Ghanaians in achieving these economic milestones. He emphasized the government's commitment to sustaining progress and fostering economic development.
