The International Monetary Fund (IMF) has set June 28, 2024 for its Board Meeting to consider Ghana’s second programme review and possibly approve $360 million dollars for the country.
This is what JOYBUSINESS has picked up from persons with knowledge of the IMF and its discussions with the official creditor committee.
The Board will look at the report presented by IMF staff on the second review of Ghana’s programme.
The Board is also expected to examine Ghana’s ability to meet the qualitative and the quantitative targets set under the IMF programme for Ghana after which it will approve the funds if satisfied.
If approved, the Bank of Ghana’s account will be credited in a maximum of two days. The Board will also release the latest debt sustainability analysis within the same period.
Persons with knowledge of the report have revealed that Ghana has made some improvement in its debt and this could largely impact the country’s debt classification.
June 28th Board Meeting Date
The IMF Management proposed to the Board to meet on Ghana after it received a formal email from the official creditor committee.
Ghana reached an agreement with the bilateral creditors on the Memorandum of Understanding to restructure $5.4 billion.
IMF and the Board Meeting
The Director of the African Department at the IMF Abebe Selassie at the spring meetings in April this year, revealed that the IMF will go ahead and have a meeting on Ghana.
“To be clear, they have provided financing assurances though, and that remains in effect. We are not envisaging that it will be an issue for our ability to conclude the next review and provide the disbursement that is pending”, he said.
The Mission Chief Stephane Roudet had earlier said Ghana has over performed under the IMF programme.
“Ghana’s programme is delivering on its promises and in fact, it is over-delivering”, he said.
Government on the IMF Board Meeting
Government stated that it remains optimistic of passing the board review.
The Minister of Finance, Dr. Mohammed Amin Adam at a press conference in Accra after government secured the Memorandum of Understanding said Ghana has met all the requirements .
