An Worldwide Financial Fund (IMF) group is anticipated in Accra Ghana from this weekend, February 8, 2025 to carry essential discussions with authorities.
The discussions will middle on the economic system and the 2025 Finances, which sources say will likely be introduced in Parliament in March 2025.
Different points on the agenda throughout the five-day go to and conferences will likely be an evaluation of progress made by authorities on negotiations with Exterior Business Collectors and the Power Sector money owed.
As well as, the IMF would search some readability on authorities’s plans to cope with the nation’s power scenario and talks about privatising elements of the Electrical energy Firm of Ghana’s (ECG) operations.
Fourth Evaluate and IMF go to
Sources have informed JOYBUSINESS the go to shouldn’t be a Evaluate Mission, however an engagement that may focus primarily on the economic system and the 2025 Finances.
The IMF is anticipated to hold out the fourth assessment of Ghana’s programme later this yr.
The assessment, will likely be primarily based on fiscal knowledge on the economic system ending December 2024.
If Ghana passes the take a look at, the IMF will launch one other tranche of money to the Financial institution of Ghana round June this yr.
2025 Finances and discussions on the economic system
As a part of the evaluation, the IMF will be sure that the 2025 Finances is consistent with the Fund’s programme with Ghana, significantly to enhance income mobilization.
Ghana’s programme with the IMF is centered on income mobilization and decreasing the nation’s debt inventory to sustainable ranges.
Sources say the group will as an example search readability on authorities’s plans to fill the income gap that will likely be created, if the Finance Minister, Dr. Ato Forson goes forward to take away taxes just like the Betting Tax, Covid-19 Levy and the E-Levy.
It’s estimated that Ghana might lose about 10 billion cedis yearly, if the Finance Minister goes forward to take away the taxes.
Additionally, the group will search extra solutions on plans to re-set the economic system and its influence the general programme.
Programme Extension and extra funding from the IMF
Dr. Forson not too long ago disclosed plans to push for an extension of the programme to hunt further funds to assist stabilize the economic system.
The go to will due to this fact provide each authorities and the IMF a chance to finalize discussions on this proposal.
The IMF has maintained that though it’s opened to talks aimed toward reviewing the programme, any settlement that will likely be reached, should be consistent with the broader focus of the programme.
Ghana’s Programme with the IMF
Since Ghana signed as much as the IMF programme in Could 2023, it has obtained about US$1.9 billion to help the economic system.
The IMF in a press release after Ghana handed the third assessment, described the programme efficiency as usually passable, with outstanding progress on debt restructuring.
“Financial development within the first half of 2024 exceeded expectations, inflation has continued to say no, and the fiscal and exterior positions have confirmed marked enhancements”, it added.
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