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IMF reaches staff-level agreement with Ghana on second review of the extended credit facility

International Monetary Fund (IMF)

The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana on the second review of the country’s economic programme under the extended credit facility.

This staff-level agreement is subject to the approval of the IMF management executive board once the necessary financing assurances have been received.

Upon completion of the executive board review, Ghana would have access to about US$360 million. This brings the total IMF financial support disbursed under the arrangement to about US$1.56 million since May 2023.

An IMF staff team led by Stéphane Roudet, the IMF mission chief for Ghana, held meetings in Accra from 2-12 April 2024 to discuss progress on reforms and officials’ policy priorities under the extended credit facility.

In a statement on Saturday (13 April), Roudet said: “Performance under the IMF-supported programme has been generally strong, with most quantitative targets met. Good progress has also been made on the key structural reform milestones.

More robust growth

“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.

“Economic activity in 2023 was more robust than initially envisaged, and growth projections for 2024 will be revised upward. Monetary policy has remained appropriately tight, allowing for inflation to decline rapidly.”

According to the IMF statement, spending has remained within budget limits, while the government has significantly expanded social protection programmes to help mitigate the impact of the crisis on the most vulnerable.

“Ghana has met its non-oil revenue mobilisation target, while making progress in implementing ambitious structural fiscal reforms to bolster domestic revenues, strengthen public financial and debt management, and enhance transparency.

“The external sector has improved significantly, with international reserve accumulation ahead of programme objectives. Financial stability has been preserved, with banks posting solid profits in 2023.

“Given Ghana’s strong progress under the IMF-supported programme, the next key step for the country is to reach an agreement with its official bilateral creditors on an MoU consistent with the terms agreed in January 2024,” the statement added.

The IMF staff held meetings with the Minister for Finance, Mohammed Amin Adam, the Governor of the Bank of Ghana (BoG), Ernest Addison, and their teams, as well as representatives from various government agencies.

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