The fourth review of the country’s Extended Credit Facility (ECF) arrangement with the International Monetary Fund (IMF) is expected to be undertaken in April this year.
The completion of the review and the subsequent approval by the IMF Executive Board will unlock additional funding for the country.
This is contained in a statement issued by the IMF in Accra on Friday after its visit, led by the Mission Chief, Stéphane Roudet, to Ghana during February 10-14 as part of their regular engagement with the Ghanaian authorities and other stakeholders.
Former President, Nana Addo Dankwa Akufo-Addo, in July 2022 directed then Finance Minister, Ken Ofori-Atta, to begin formal engagements with the International Monetary Fund (IMF).
Consequently, the IMF approved a $3-billion, 36-month Extended Credit Facility (ECF) arrangement with Ghana in May 2023.
Ghana has so far accessed approximately $1.92 billion in total disbursements under the IMF-supported ECF arrangement, including a recent $360 million, disbursement following the third review.
The first tranche of $600 million was immediately disbursed.
The second tranche of $600 million was approved for immediate disbursement.
Completion of the third ECF review allowed for an immediate disbursement of SDR 269.1 million (about $360 million).
This brings the total disbursements under the arrangement to about US$1.92 billion.
The IMF-supported programme is aimed at supporting Ghana’s economic reforms and address key challenges in the country’s fiscal and monetary policies.
On the IMF team visit, the statement issued by the Mission Chief, Mr Roudet, said “The mission team engaged the Ghanaian authorities on recent macroeconomic developments.”
It stated that the Mission also started discussions on the policies that would underpin the 2025 budget, adding that, “This dialogue is set to continue over the coming weeks.”
“We also took stock of the authorities’ progress in meeting key commitments under the Fund-supported programme,” the statement added.
That, the statement mentioned, would be formally assessed in the context of the Fund-supported programme with Ghana.
Moreover, the statement outlined that the “IMF staff held meetings with the President John Dramani Mahama, Finance Minister, Dr Cassiel Ato Baah
Forson, and Bank of Ghana Acting Governor, Dr Johnson Asiama, and their teams, as well as representatives from various government agencies, and other key stakeholders.”
It said the “Staff would like to express their gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support during this mission.”
BY KINGSLEY ASARE
