Ghana on track to achieve targets in IMF program – Amin Adam

Ghana's Finance Minister, Dr. Mohammed Amin Adam, announced significant strides toward meeting goals set in the 3-year, US$3 billion IMF Supported Post Covid-19 Programme for Economic Growth (PC-PEG).

In his inaugural monthly economic press briefing for 2024, held on Tuesday, Dr. Amin Adam revealed that the Ministry of Finance is actively collaborating with the Bank of Ghana (BoG) in readiness

Read full articlefor the IMF's upcoming 2nd Review Mission. Initial evaluations conducted by both entities indicate that Ghana is well-positioned to fulfill most of the program's targets.

Dr. Amin Adam highlighted the joint efforts between the Ministry and BoG to prepare for the International Monetary Fund’s (IMF) second review mission, slated for April 2 to 12, following the successful completion of the 1st Review in January 19, 2024.

"During the 2nd Review, the IMF mission will engage with authorities in technical and policy discussions to evaluate Ghana’s performance on programme objectives, the 6 Quantitative Performance Criteria (QPCs), the 3 Indicative Targets (ITs), 1 Monetary Policy Consultation Clause (MPCC), and the Structural Benchmarks (SBs) concerning the end Dec 2023 targets. They will also assess progress towards upcoming QPCs, ITs, and SBs," he said.

The finance minister stressed that the approval of the 2nd Review by the IMF Executive Board, potentially in June 2024, will unlock the release of the 3rd tranche totaling US$360 million, thereby raising the total disbursements under the program to US$1.56 billion.

He noted that the 2nd Review marks the first of the two semi-annual reviews slated for 2024, with the 3rd Review scheduled for November 2024.