IMF team concludes Ghana visit
Accra, Ghana (PANA) - An International Monetary Fund (IMF) staff team led by Stéphane Roudet has visited Ghana as part of their regular engagement with the authorities and other stakeholders.
In a statement isssued at the conclusion of the visit from 10-14 February, Mr. Roudet said the mission team engaged the Ghanaian authorities on recent macroeconomic developments.
It team also started discussions on the policies that will underpin the 2025 budget, he said, adding that this dialogue is set to continue over the coming weeks.
Mr. Roudet said the IMF team also took stock of the authorities’ progress in meeting key commitments under the Fund-supported programme.
“These will be formally assessed in the context of the fourth review of the Extended Credit Facility arrangement, which is expected to be undertaken in April 2025.”
The statement said IMF staff held meetings with the new leaders of the West African country, which took over in January this year. Those who the IMF team met included President John Dramani Mahama, Finance Minister, Dr Ato Forson, and Bank of Ghana Acting Governor, Johnson Asiama, and their teams, as well as representatives from various government agencies and other key stakeholders.
The Executive Board of the IMF in May 2023 approved a 36-month arrangement under the Extended Credit Facility (ECF) in an amount equivalent to SDR 2.242 billion (around US$3 billion, or 304 percent of quota).
The programme is based on the government’s Post-COVID-19 Programme for Economic Growth, which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.
Large external shocks in recent years had exacerbated Ghana’s pre-existing fiscal and debt vulnerabilities, resulting in a loss of international market access, increasingly constrained domestic financing, and reliance on monetary financing of the government.
-0- PANA MA 14Feb2025
