According to Stéphane Roudet, the head of the IMF mission in Ghana, the board’s evaluation was subject to Ghana’s ability to come to an arrangement with its foreign creditors.
Roudet emphasized that the required financial assurances will be provided via an agreement on a memorandum of understanding (MoU) for debt treatment in accordance with program criteria between official creditors and Ghanaian authorities.
Ghana would receive $360 million upon the review’s conclusion, making the total amount of IMF funding disbursed under the agreement since May 2023 $1.56 billion.
Ghana performed well on quantitative targets and made significant progress toward structural reform milestones, according to the IMF, which commended Ghana’s achievement under the program it funded.
Positive outcomes have already been obtained by the nation’s policies and reforms intended to restore debt sustainability, inclusive growth, and macroeconomic stability. Growth projections for 2024 will be revised upward in light of the fact that economic activity in 2023 exceeded original estimates.
The authorities have pledged to attain a fiscal primary surplus of 0.5% of GDP by 2024, despite the improvement in fiscal balance.
Programs for social protection have been increased in order to lessen the impact of the crisis on vulnerable groups of people. Ghana has successfully achieved its goal of mobilizing non-oil revenue while enacting significant structural fiscal changes aimed at augmenting domestic revenues, fortifying public financial management, and enhancing transparency.
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