Finance Minister Dr. Mohammed Amin Adam has announced that the IMF Board is set to meet on December 2, 2024, to review Ghana’s economic program. This review could lead to the approval of $360 million for the Bank of Ghana to help support the national budget and balance of payments. The meeting follows a staff-level agreement reached earlier this month after the IMF’s evaluation of Ghana’s economic data up to June 2024.

According to Dr. Amin Adam, this anticipated disbursement would bring the total IMF support to Ghana since the country joined the program to $1.92 billion. Speaking during a press conference in Washington, DC, at the Annual IMF/World Bank Meetings, he expressed confidence that Ghana had fulfilled all necessary conditions for the approval and release of the funds.

He highlighted that the $360 million from the IMF, along with an additional $300 million expected from the World Bank, would bolster Ghana’s foreign reserves and help stabilize the Ghanaian cedi as the country moves into the next year. The Minister reassured businesses that the Bank of Ghana already holds strong reserves, and these new funds would further ensure the availability of foreign exchange.

Dr. Amin Adam emphasized that the IMF funds are not just about the financial boost but also a signal to investors that the government has taken decisive steps to stabilize the economy. He revealed that investor meetings during the IMF/World Bank events had shown positive reactions, with some investors considering re-entering Ghana’s domestic bond market, though these proposals are still being assessed.

 Regarding the government’s economic performance over the last four years, Dr. Amin Adam defended the administration’s track record, claiming significant improvements in economic growth, exchange rate stability, and inflation compared to two years ago. He said the government had done “exceptionally well” in managing the economy.

 The Finance Minister also acknowledged the IMF’s revised growth projection for Ghana, which raised the 2024 target from 3% to 4%. He welcomed this adjustment, noting that the forecast was based on data up to mid-April 2024, with further improvements expected by the year’s end. However, the government will stick to its original 3% growth target in the 2024 Budget for now, despite optimism that Ghana could exceed the IMF’s 4% projection due to recent positive developments.

Source:TheDotNews