An International Monetary Fund (IMF) staff team is scheduled to visit Ghana from September 25 to the first week of October to evaluate the progress of the country’s Economic Recovery Programme.
This visit marks the second assessment by the IMF following the approval of Ghana’s bailout on May 17, which involved a comprehensive review of the targets outlined in the $3 billion three-year extended credit facility.
Speaking at the 3rd GIPC CEO’s Breakfast Meeting in Accra, Finance Minister Ken Ofori-Atta revealed that the government is eagerly anticipating the disbursement of the second tranche of the IMF bailout funds in December to bolster the country’s balance of payments.
“The fund will be here on September 25th through the beginning of October. Hopefully, we will get the staff-level agreement then, and then we will go to the board in November of this year,” stated Ofori-Atta, expressing optimism about reaching a successful staff-level agreement following the September mission. He also emphasized the importance of this agreement in enhancing Ghana’s negotiating position.
In addition, Ofori-Atta assured that Ghana remains on course to receive the second tranche of the IMF bailout cash in December, which will provide crucial support for the government’s balance of payments for 2023 and 2024.
According to the Bank of Ghana’s June 2023 summary of the Economic and Financial Stability Report, the bank’s balance of payments at the end of June 2023 showed a deficit of $107.8 million, equivalent to approximately 0.1% of GDP. This deficit represents a significant improvement compared to the same period in 2022, reflecting the government’s efforts to stabilize the country’s economic situation.
