$3Billion IMF Deal: BoG Built Reserves In Excess Of U$S1Billion - Governor Addison

Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that the implementation of the International Monetary Fund (IMF) supported Extended Credit Facility programme for the first six months of 2023 is broadly in line with the performance criteria objectives for June 2023.

While the programme contemplated a drawdown in reserves of close to US$100 million, he said, the BoG built reserves in excess of U$S1 billion.

He said this while speaking at the 113th Monetary Policy Committee Press conference in Accra on Monday, July 24.

Regarding the zer financing of governments budget, he said that “the BoG financing of the budget, under the programme, is expected to be zero and this has been met.

Regarding the Monetary Policy Consultation clause, inflation, as at June 2023 was within the target band.”

The approval of the $ 3 billion transaction was secured on Wednesday, May 17 with the first tranche of $600 million received.

The Finance Minister Ken Ofori Atta stated that the deal substantially paved the way for the implementation of an ambitious and well-thought-out programme of reform for the economy and country.

“In fact, the real work of adjustments, re-alignments and the return to a path of steady economic growth has just begun,” he said.

He added “Let us brace ourselves for the needed reforms, especially in expenditure control, non-arrears accumulation, revenue growth, ECG collections and Energy Sector reforms, in order to rebuild the walls of the Republic with urgency.

“That said, our reform programme, the Post COVID-19 Programme for Economic Growth(PC-PEG), now supported by the 3-year Extended Credit Facility arrangement with theIMF, is built on clear targets and strong policy and structural measures.”