Ghana is anticipated to obtain the fifth tranche of $370 million as a part of its Prolonged Credit score Facility (ECF) programme with the Worldwide Financial Fund (IMF) by the top of June topic to the approval of IMF Govt Board.
The discharge of the quantity would convey the full disbursement to the nation below the ECF to $2.242 billion.
This follows Ghana’s profitable completion of the fourth overview of the programme and the signing of Employees Stage Settlement with the Fund.
An IMF workers group, led by Mr Stéphane Roudet, Mission Chief for Ghana, held conferences in Accra from April 2 to April 15, 2025, to debate progress on the authorities’ coverage and reform priorities within the context of the fourth overview of Ghana’s three-year programme below the ECF.
The IMF Govt Board approved Ghana’s 36-month (three-year) $3 billion ECF supported programme in Could 17, 2023 to assist restore macroeconomic stability and cut back rising public debt.
At a joint briefing between the Authorities of Ghana and IMF in Accra yesterday, the IMF Mission Chief for Ghana, Mr Roudet, mentioned the Mission would submit a report on the overview to the IMF Govt Board by June, and as soon as the overview was permitted, the $370 could be disbursed instantly.
Mr Roudet mentioned the Mission was happy with the progress being made to attain the targets of the programme, saying development in 2024 was greater than anticipated, belowpinned by sturdy mining and construction exercise and good exterior place of the nation.
“However these obtainments, total efficiency below the IMF-supported programme deteriorated markedly at end-2024. Preliminary fiscal knowledge level to slippages within the run-up to the 2024 common elections, on account of a big accumulation of payables. Inflation exceeded programme targets. A number of reforms and coverage actions had been delayed throughout the fiscal, monetary, and power sectors,” Mr Roudet acknowledged.
Towards this backdrop, he mentioned the federal government had taken daring measures to handle coverage slippages and make sure the programme aims stay inside attain and lauded the federal government for the audit of the nation’s expenditure final yr to establish the scale and nature of the slippages.
He mentioned discussions with the authorities centered on doable extra measures wanted to handle structural weaknesses within the public monetary administration and procurement methods in addition to steps to make sure fiscal execution remained according to programme aims.
The Finance Minister, Cassiel Ato Baah Forson, mentioned authorities was dedicated to the complete implementation of the programme and had no intention to renegotiate the programme.
He mentioned the federal government had commissioned the Auditor along with two worldwide audit companies to audit authorities cost obligations to validate their legitimacy and worth and supply suggestions for presidency motion.
Amongst others to curb government expenditure, The Finance Minister mentioned the federal government had commenced the operationalisation of a compliance desk on the Ministry of Finance to observe Municipal and District Assemblies’s compliance with the Public Financial Administration Act.
The Governor of BoG, Dr Johnson Asiama in his remarks mentioned the success achieved by the nation below the ECF programme was primarily based on Ghana’s sturdy coverage implementation.
He mentioned inflation had continued on a disinflation path, reflecting a decent financial coverage stance.
“The Financial institution of Ghana stands dedicated to making sure that each one programme aims are met consistent with the financial institution’s medium-term aims of creating a conducive setting for enterprise and financial resilience,” Dr Asiama acknowledged.
BY KINGSLEY ASARE
