Josiah
Ghana is poised for its second evaluation under the three-year, $3 billion IMF-backed Post-COVID-19 Programme for Economic Growth (PC-PEG).
Beginning today, Tuesday, April 2, 2024, this review follows the successful completion of the initial assessment earlier in January.
Over the weekend, a team from the IMF arrived in Ghana to commence evaluating the country’s performance against the program’s objectives. This evaluation is expected to span the next two weeks.
During this period, Ghana’s adherence to the prescribed program objectives will be closely scrutinized, with particular attention to economic recovery, fiscal management, and structural reforms. The outcome of this review will carry significant implications for Ghana’s economic trajectory and its relationship with international financial institutions.
The government has expressed confidence in passing this IMF program review, aiming to fulfill all structural targets to unlock the third tranche of IMF funding totaling $360 million by the end of June.
This evaluation by the IMF marks the second review of the program since its inception, with the first of the two reviews anticipated for this year. The subsequent review for 2024 is scheduled for November. The IMF team will assess both qualitative and quantitative targets following the release of the second tranche of funds for budgetary support.
Despite ongoing challenges in reaching agreements with bilateral and commercial creditors for the restructuring of external debts, the government has made significant progress in negotiations. It remains optimistic about securing the third tranche of $360 million, bringing total disbursements to approximately $1.56 billion thus far.
During their visit, the IMF team will engage with various stakeholders including the President, government officials, Central Bank representatives, and civil society organizations. Finance Minister Dr. Mohammed Amin Adam and Bank of Ghana Governor Dr. Ernest Addison have both reiterated the government’s commitment to maintaining course.
The IMF mission is scheduled to conclude on Friday, April 12, 2024, after which the team will return to Washington DC with their status report, subject to approval by the IMF Board.
Source:Omanghana.com
