Monday, 17 June

Ghana's 2nd review goes before IMF Board before June-end for release of 3rd tranche of $360m


Ms. Julie Kozack, Director of Communications of the International Monetary Fund (IMF), has said at a press conference in Washington, D.C. that the second review of Ghana's $3 billion extended credit facility programme is expected to be tabled before the IMF Board before the end of June.

Already, Ghana has received $1.2 billion in two separate $600 million tranches.

On 13 April 2014, IMF staff and the Ghanaian authorities reached a staff-level agreement for the second review of the programme. 

"The aim is to bring the review to the IMF’s Executive Board before the end of June, and once approved by the Board, the review would give Ghana access to about $360 million," Ms Kozack said.

She noted that Ghana's exonomy has seen progress since the programme started.

"The authorities’ strong policy and reform efforts under the programme are bearing fruit, and signs of economic stabilisation are emerging.”

She added: “Growth, for example, in 2023, was higher than anticipated, and the growth projections are being revised upward." 

Also, she noted: "Inflation has been declining rapidly, the fiscal and external positions have improved, and exchange rate volatility has declined quite significantly." 

"The authorities are making good progress on their comprehensive debt restructuring." "The domestic debt exchange was completed last year, and on January 12th, the government reached agreement in principle with its official bilateral creditors."

'Ghana is also engaging with external private creditors to seek their support”, Ms Kozack added.