The Internnational Monetary Fund (IMF) staff team will be in Ghana to examine the implementation of Ghana’s Economic Recovery Programme from September 25 to the first week of October.
This will be the IMF’s second visit since its board authorised Ghana’s bailout on May 17 and will include a review of the targets under the $3 billion three-year extended credit facility.
The government is still hoping to get the second tranche of IMF bailout funds in December to help with the country’s balance of payments.
Finance Minister Ken Ofori-Atta made the announcement at the 3rd GIPC CEO’s Breakfast Meeting in Accra.
“The fund will be here from September 25th to early October.” We’re hoping to obtain the staff level agreement then, and then we’ll go to the board in November.”
“I believe that by going through the mission in September, we should be able to reach a successful staff-level agreement, and that will help us in our negotiating position,” he said.
Meanwhile, Mr. Ofori-Atta stated that Ghana is on schedule to receive the second tranche of IMF bailout funds in December, which will help the government’s balance of payments (BOP) for 2023 and 2024.
According to the Bank of Ghana’s June 2023 summary of the Economic and Financial Stability Report, the bank’s BOP ended June 2023 with a deficit of $107.8 million, or nearly 0.1% of GDP.
According to the bank, this is much less than the deficit recorded during the same period in 2022.
