Ghana is undergoing its second review of the three-year, $3 billion IMF-supported post-COVID-19 Programme for Economic Growth (PC-PEG).

Starting on Tuesday, April 2, 2024, this review follows the successful completion of the first review in January.

Over the weekend, IMF mission staff arrived in the country to assess Ghana’s performance against the program’s objectives. This evaluation will last for two weeks.

During this period, Ghana’s adherence to the prescribed programme objectives will be closely scrutinized, focusing on areas such as economic recovery, fiscal management, and structural reforms.

The outcome of this review will significantly impact Ghana’s economic trajectory and its relationship with international financial institutions.

The government has expressed confidence in passing this review, hoping to meet all structural targets to unlock the third tranche of IMF cash of $360 million by the end of June.

This round of assessment by the IMF is the second programme review after the bailout was finalized, and the first of the two reviews expected this year.

The next review for 2024 is scheduled for November.

The IMF team will assess the qualitative and quantitative targets after the second tranche facility was released to the country for budgetary support.

However, this is happening despite the challenges the government faces in reaching an agreement with its bilateral and commercial creditors for the restructuring of external debts.

Although the government has made progress in negotiations, it remains optimistic about securing the third tranche of $360 million, bringing the total disbursements to about $1.56 billion so far.

During the visit, the IMF will meet with the President, government and Central Bank officials, and civil society organizations, among others.

Finance Minister Dr. Mohammed Amin Adam and Bank of Ghana Governor Dr. Ernest Addison have both assured that the government is prepared to stay the course.

The IMF mission staff will conclude on Friday, April 12, 2024, after which they will return to Washington DC with their status report subject to the approval of the IMF Board.