In response to substantial economic challenges faced in 2022, the Government of Ghana sought financial support from the IMF on July 1, 2022.

The objective was to restore macroeconomic stability and address balance of payments issues, among other priorities.

After fulfilling all necessary conditions, Ghana successfully secured the first tranche of the $3 billion loan on May 17, 2023.

The government is presently awaiting approval for the second tranche amounting to $600 million from the Executive Board, with a decision expected in January 2024.

Despite committing to a three-year IMF program, Ghana is obligated to meet specific conditions outlined in the agreement.

During the almost one-year duration of the 17th IMF bailout program, the Bretton Wood institution has highlighted several concerns, resulting in the imposition of four major restrictions on the government:

No imposition or intensification of restrictions on making payments and transfers for current international transactions.

No introduction or modification of multiple currency practices.

No conclusion of bilateral payments agreements inconsistent with Article VIII of the IMF Articles of Arrangement.

No imposition or intensification of import restrictions for balance of payments reasons.

One notable restriction relates to a proposed Legislative Instrument (L.I.) in November, aiming to restrict the importation of 22 selected strategic products into Ghana.

However, the IMF emphasized that Ghana cannot impose import restrictions during the program's implementation.

Additionally, the Gold-for-Oil program, introduced in December 2022 to stabilize fuel prices and the local currency, has faced scrutiny from the IMF.

The institution called for amendments to the BoG Act, introducing stricter limits for monetary financing and mechanisms to monitor and enforce compliance.

Consequently, the Gold-for-Oil policy is expected to be phased out. Central Bank Governor Dr. Ernest Addison recently stated that the program has served its purpose and is no longer deemed necessary.