Business News of Tuesday, 2 April 2024
Source: www.ghanaweb.live
2024-04-02Govt expects $360 million from IMF in June as second review starts
Dr. Mohammed Amin Adam (right) is optimistic Ghana will pass the second review
Minister of Finance, Dr. Mohammed Amin Adam, has announced that the government anticipates receiving the third tranche of US$360 million from its International Monetary Fund (IMF) programme by June this year.
During the inaugural Monthly Economic Update series initiated by the Ministry of Finance, Dr. Amin Adam expressed confidence in Ghana's ability to pass the ongoing IMF mission's
Read full articlesecond review, which commenced on April 2. He expects this assessment to lead to board approval by June, facilitating the release of the funds.
Following the approval of Ghana’s programme by the IMF board in May 2023, the first tranche of US$600 million was immediately disbursed, with another US$600 million released after the first review. The remaining US$1.8 billion is scheduled to be disbursed in five tranches, with each semi-annual review leading to the release of US$360 million.
Dr. Amin Adam emphasized that successful reviews not only bolster reserves but also strengthen the currency and support budget implementation.
The ongoing visit of the IMF team, from April 2 to April 12, marks the second review of Ghana’s three-year, $3 billion programme with the fund. This review follows the successful completion of the first review in January.
During the visit, the IMF team will engage with Ghanaian authorities in technical and policy discussions to assess Ghana’s performance on various programme objectives, performance criteria, targets, and benchmarks. Dr. Amin Adam assured that the Ministry of Finance, in collaboration with the Bank of Ghana, is diligently preparing for the review, with preliminary assessments indicating the country's alignment with most programme targets.
