Source: newsthemegh.com
Ghana is scheduled to go through its second assessment of the $3 billion, three-year Programme for Economic Growth (PC-PEG), which is financed by the IMF after COVID-19.
This evaluation is underway as of Tuesday, April 2, 2024. It follows the first review, which was completed satisfactorily earlier in January.
The IMF mission staff arrived in Ghana over the weekend to start evaluating the country’s performance in relation to the program’s goals. The following two weeks will be dedicated to this assessment.
Ghana’s compliance with the program’s specified goals will be constantly monitored over this time, with an emphasis on issues including structural reforms, budgetary management, and economic recovery.
Ghana’s economic future and its interactions with foreign financial institutions will be greatly impacted by the review’s conclusion.
The administration has already stated that it is confident it will pass this review of the IMF program and that it will achieve all structural requirements in order to receive the $360 million third tranche of IMF funding by the end of June.
This round of evaluation by the IMF is the first of two scheduled reviews this year, but it will be the second program review since the bailout’s completion.
November 2024 is the date of the upcoming review.
After the second tranche facility for budgetary support was provided to the nation, the IMF team would take into account the qualitative and quantitative targets.
This is taking place, meanwhile, in spite of the difficulties the government is facing in coming to a restructuring arrangement with its bilateral and commercial creditors.
The administration is confident that it will be able to get the $360 million third tranche, which would bring the total disbursements to approximately $1.56 billion, even though the negotiations have shown substantial progress.
The President, representatives of the government and central bank, the IMF, and civil society organizations will all be in attendance.
The administration is ready to stick with its current course, according to assurances from Dr. Ernest Addison, governor of the Bank of Ghana, and Dr. Mohammed Amin Adam, minister of finance.
On Friday, April 12, 2024, the IMF mission staff will conclude. Subject to the IMF Board’s permission, they will then return to Washington, DC, with their status report.