IMF Programme: Ghana Prepares for Third Review in September
Finance Minister, Dr. Mohammed Amin Adam, has announced that the government is preparing for the third review of its IMF-supported programme, following the successful completion of the second review on June 28, 2024.
The third review, which received strong backing from all IMF Executive Directors, marks a significant step in Ghana’s efforts to stabilize its economy under the $3 billion Extended Credit Facility.
Dr. Amin Adam revealed that the IMF has scheduled a staff mission from September 24 to October 4, 2024, to assess the country’s progress against agreed performance targets.
The review will scrutinize six Quantitative Performance Criteria (QPCs), four Indicative Targets (ITs), and a series of Structural Benchmarks (SBs) due by the end of June 2024 and those pending before the Board meeting for the third review.
Addressing a press conference in Accra on August 29, Dr. Amin Adam expressed confidence in Ghana’s economic trajectory, stating that preliminary data for the first half of 2024 indicates the country is on course to meet the targets for the upcoming review.
The Finance Minister added that the IMF Executive Board is expected to consider Ghana’s third review for approval by the end of December 2024.
Upon successful completion, this would trigger the immediate disbursement of a fourth tranche of $360 million, bringing total disbursements under the programme to $1.92 billion.
The forthcoming review is critical as Ghana continues to navigate a challenging economic landscape, with the IMF’s support seen as pivotal in restoring fiscal stability and investor confidence.
