Ghana is embarking on its second review of the three-year, $3 billion IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG), beginning on Tuesday, April 2, 2024, following the successful completion of the first review in January.
A team from the IMF arrived in the country over the weekend to assess Ghana's performance against the program's objectives over the next two weeks. This evaluation will closely scrutinize areas such as economic recovery, fiscal management, and structural reforms.
The outcome of this review will significantly impact Ghana's economic trajectory and its relationship with international financial institutions. The government is optimistic about passing the review and unlocking the third tranche of IMF cash, amounting to $360 million, by the end of June, contingent upon meeting all structural targets.
Despite challenges in reaching agreements with bilateral and commercial creditors for external debt restructuring, the government remains confident in securing the third tranche. Negotiations have progressed, and the government aims to bring disbursements to about $1.56 billion with the third tranche.
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 affirmed the government's commitment to the program.
The IMF mission will conclude on Friday, April 12, 2024, with their status report subject to approval by the IMF Board in Washington DC.