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IMF Delegation Arrives in Ghana for Second Review and Third Tranche Discussions

Ghana is gearing up for its second review under the three-year, $3 billion IMF-supported post-COVID-19 Programme for Economic Growth (PC-PEG).

Starting today, Tuesday, April 2, 2024, this review follows the successful completion of the first review earlier in January.

The IMF mission staff arrived in Ghana over the weekend to begin assessing Ghana’s progress against the program’s objectives. This evaluation will span the next two weeks.

During this period, Ghana’s adherence to the prescribed program objectives will be closely scrutinized, focusing on areas such as economic recovery, fiscal management, and structural reforms.

The outcome of this review will significantly impact Ghana’s economic path and its relationship with international financial institutions.

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This assessment by the IMF marks the second program review after the finalization of the bailout and the first of the two reviews expected this year.

The next review for 2024 is scheduled for November.

The IMF team will assess the qualitative and quantitative targets following the release of the second tranche of funds to Ghana for budgetary support.

However, this progress occurs amid the government’s efforts to reach an agreement with its bilateral and commercial creditors to restructure external debts.

Despite the challenges, the government remains optimistic about securing the third tranche of $360 million, bringing the total disbursements to about $1.56 billion.

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During their visit, the IMF will meet with the President, government officials, Central Bank representatives, civil society organizations, among others.

Both Finance Minister Dr. Mohammed Amin Adam and Bank of Ghana Governor Dr. Ernest Addison have assured that the government is committed to maintaining its course.

The IMF mission staff will conclude their visit on Friday, April 12, 2024, after which they will return to Washington DC with their status report for approval by the IMF Board.

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