During a joint press conference with the International Monetary Fund (IMF) on Saturday, April 13, Finance Minister Dr. Mohammed Amin Adam reiterated Ghana's positive medium-term macroeconomic outlook and prospects. He underscored the government's commitment to implementing comprehensive structural reforms aimed at bolstering growth and improving revenue mobilization.
Dr. Amin Adam emphasized Ghana's dedication to meeting key targets under the IMF-supported program, despite the upcoming 2024 election year. He assured that the government had established robust control and monitoring mechanisms to ensure the program's objectives were achieved.
The Finance Minister reaffirmed his commitment to prudent fiscal management, pledging to refrain from extra-budgetary spending in the election year to maintain negotiated fiscal balances. He highlighted the importance of responsible expenditure to avoid the recklessness often associated with election years.
Furthermore, Dr. Amin Adam announced that the IMF had reached a staff-level agreement on the review of the extended credit facility with Ghana. This agreement would grant Ghana access to approximately US$360 million in financing pending approval by the IMF Management and Executive Board.
The Minister attributed this success to Ghana's achievement of key performance indicators, including Quantitative Performance Criteria and Structural Benchmarks. He noted that the agreement marked a significant milestone toward unlocking the disbursement of the third tranche of $360 million under the IMF-ECF program.
Dr. Amin Adam expressed optimism that the IMF Executive Board would approve the agreement at its next meeting, possibly in June 2024, contingent upon the progress made on debt restructuring with bilateral and commercial creditors.
The reaffirmation of Ghana's positive economic outlook and the agreement with the IMF underscore the government's commitment to fiscal discipline, structural reforms, and sustainable economic growth.
