Ghana: IMF’s second review of $3bln post-COVID growth programme scheduled for April, officials say

Mohammed Amin Adam, Ghana's finance minister.
Mohammed Amin Adam, Ghana's finance minister.

Ghana has unveiled plans for the second review of the three-year, $3 billion IMF-supported post-COVID-19 Programme for Economic Growth (PC-PEG), slated to occur from April 2 to 12, 2024.

This review follows the successful completion of the first assessment on January 19, 2024.

“Following the successful completion of the first review in January, we are gearing up for the second review of the PC-PEG programme, which is crucial for assessing our progress and unlocking further financial support,” stated a spokesperson from the Finance Ministry.

During the upcoming review, Ghana’s performance against the programme’s objectives, encompassing Quantitative Performance Criteria and Structural Benchmarks, will be thoroughly evaluated.

The Finance Ministry highlighted the significance of this assessment in gauging the country’s progress in meeting the outlined targets.

“The second review will provide us with an opportunity to showcase our commitment to fiscal discipline and structural reforms aimed at fostering sustainable economic growth,” remarked the Finance Ministry representative.

According to the ministry, the approval of the second review by the IMF Executive Board, potentially scheduled for June 2024, will prompt the release of the third tranche of the $360 million external credit facility. This disbursement would bring the total funds received under the programme to $1.56 billion.

“The release of the third tranche is essential for supporting key initiatives outlined in our economic recovery plan and bolstering investor confidence in Ghana’s economic prospects,” emphasized the spokesperson.

In preparation for the IMF’s second review mission, the Ministry of Finance is collaborating closely with the Bank of Ghana. A preliminary assessment conducted by both entities indicates positive progress towards meeting the programme’s targets.

“The Ministry of Finance is working closely with the Bank of Ghana to ensure that all necessary preparations are in place for the upcoming review mission. We are confident in our ability to demonstrate substantial progress and adherence to the programme’s objectives,” assured the Finance Ministry spokesperson.


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