Staff from the International Monetary Fund (IMF) are scheduled to arrive in Accra this week for a mission visit aimed at monitoring the progress of Ghana's Economic Recovery Programme.

During the visit, the IMF team will engage with various stakeholders involved in the implementation of Ghana's programme.

This visit holds significance as it marks the first review since Ghana entered into a programme with the IMF on May 17, 2023.

However, it is important to note that this mission visit “ is not a review of Ghana’s Programme, but a regular Mission Visit to track progress of the country’s programme,” a source told Joy Business.

The mission visit to Ghana will be led by Stephane Roudet, the Mission Chief for Ghana from the Fund. As part of their visit, the team will hold meetings with key figures such as Vice President Dr. Mahamudu Bawumia, Finance Minister Ken Ofori-Atta, and representatives from the Bank of Ghana.

Furthermore, the IMF team will engage with the Finance Committee of Parliament and various interest groups. These meetings aim to ensure the participation and collaboration of all relevant parties in the implementation of the programme.

The IMF team will assess the government's advancement in meeting the targets set for the end of June 2023. Their visit is expected to conclude by June 16, 2023.

Ghana has been grappling with a severe economic and financial crisis, characterized by an unsustainable debt burden.

The country has been significantly impacted by a combination of pre-existing vulnerabilities and external shocks, including the COVID-19 pandemic and the conflict in Ukraine.

These factors have contributed to mounting financing pressures, a devaluation of the national currency (cedi), diminishing international reserves, a slowdown in economic activity, and high levels of inflation. In view of this, the government ran to the IMF for assistance.

On May 17, 2023, the IMF Executive Board granted approval for a 36-month Extended Credit Facility (ECF) arrangement for Ghana, amounting to SDR 2.242 billion (approximately US$3 billion).

This decision paved the way for an initial disbursement of SDR 451.4 million (about US$600 million), with the remaining funds set to be disbursed in subsequent tranches every six months, subject to program reviews endorsed by the IMF Executive Board.