A delegation of International Monetary Fund (IMF) staff members is set to visit Ghana starting on September 25 and continuing into the first week of October. Their purpose is to assess the advancements made in Ghana’s Economic Recovery Programme.
This visit signifies the second evaluation conducted by the IMF following the approval of Ghana’s financial assistance program on May 17. The review will assess the achievements of the targets established under the $3 billion three-year extended credit facility.
Finance Minister Ken Ofori-Atta has expressed the government’s optimism regarding the receipt of the second installment of IMF bailout funds in December. This infusion of funds is expected to strengthen the government’s balance of payments.
Speaking at the 3rd GIPC CEO’s Breakfast Meeting in Accra, Ofori-Atta stated, “The IMF team will be in Ghana from September 25th through the beginning of October. Hopefully, we will achieve a staff-level agreement during their visit, paving the way for a board meeting in November this year.”
He continued, “I believe that the mission in September will allow us to reach a successful staff-level agreement, strengthening our negotiating position.”
Additionally, Ofori-Atta has reconfirmed that Ghana is poised to receive the second installment of the IMF bailout funds in December. This disbursement will serve as vital support for the government’s balance of payments throughout 2023 and 2024.
According to the June 2023 summary of the Economic and Financial Stability Report by the Bank of Ghana, the balance of payments exhibited a deficit of $107.8 million at the end of June 2023, approximately 0.1% of GDP. It is noteworthy that this deficit is markedly lower than the one recorded during the same period in 2022.
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