Ghana’s economic journey with the International Monetary Fund (IMF) has reached a critical juncture.
The IMF has commenced its fourth review mission, a two-week exercise that will scrutinize Ghana’s economic performance and progress on structural reforms under the IMF-backed Extended Credit Facility (ECF) program for 2023-2026.
This review mission, scheduled to run from April 2 to April 15, is a crucial step in Ghana’s quest for economic stability.
The IMF delegation will engage with senior government officials, the Central Bank, and other stakeholders to evaluate key economic indicators, including inflation control, monetary policy, and structural reforms.
The mission will also assess Ghana’s progress in meeting IMF targets related to fiscal discipline, economic stabilization, and debt restructuring.
The Minister for Finance, Dr. Cassiel Ato Forson, has emphasized the government’s commitment to economic reforms.
He cited the passage of transformative tax amendment bills, public procurement reforms, and policies in the 2025 budget as evidence of this commitment.
Dr. Forson expressed confidence that with positive macroeconomic trends, Ghana’s economy could stabilize by May 2025, and stressed the importance of concluding the review on schedule.
The outcome of this review mission will determine whether Ghana qualifies for the next tranche of financial support from the IMF, crucial for maintaining macroeconomic stability.
Ghana has made significant progress under the IMF-backed program, with the IMF staff and the Ghanaian authorities reaching a staff-level agreement on economic policies and reforms to conclude the second review of the 36-month ECF-supported program in April 2024.
The IMF’s support for Ghana’s economic program has been ongoing since May 2023, when the IMF Executive Board approved a total amount of SDR 2.242 billion (US$3 billion) under the Extended Credit Facility arrangement.
Ghana has met its non-oil revenue mobilization target while making progress in implementing ambitious structural fiscal reforms to bolster domestic revenues, strengthen public financial and debt management, and enhance transparency.
However, the final statement from the IMF is expected on April 15, and it will provide valuable insights into Ghana’s economic prospects and the IMF’s continued support for the country’s economic program.
