Ghana Enters Second Review of IMF Program Amid Economic Recovery Efforts

Written by Afua Amankwanowa

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 today, April 2, 2024. This review follows the successful completion of the first one in January. Over the weekend, IMF mission staff arrived in the country to assess Ghana’s performance against program objectives. This evaluation will last two weeks, focusing on economic recovery, fiscal management, and structural reforms. The outcome will significantly impact Ghana’s economic path and its relationship with international financial institutions. The government is confident in passing the review and unlocking the third tranche of IMF cash worth $360 million by June. This is the second review since the bailout's finalization and the first of two expected this year, with the next one scheduled for November. Despite challenges in debt restructuring negotiations, the government remains optimistic about securing the third tranche. The IMF team will meet with various stakeholders, including the President, government officials, and civil society organizations. Finance Minister Dr. Mohammed Amin Adam and Bank of Ghana Governor Dr. Ernest Addison have assured readiness to stay the course. The IMF mission staff's visit concludes on April 12, 2024, with their report subject to IMF Board approval upon their return to Washington DC.