The International Monetary Fund (IMF) Board is scheduled to meet on December 2, 2024, to discuss Ghana’s Third Programme Review. This crucial meeting could result in the release of $360 million to the Bank of Ghana to support the government’s budget and balance of payment needs.
Finance Minister Dr. Mohammed Amin Adam announced this during a press briefing in Washington, DC, at the Annual IMF/World Bank Meetings. He stated that Ghana has met all requirements for approvals and disbursements under the IMF programme. This disbursement will bring the total funds received since Ghana signed up for the IMF programme to $1.92 billion.
The anticipated $360 million from the IMF, along with an additional $300 million from the World Bank, is expected to strengthen Ghana’s reserves and help stabilize the Ghanaian cedi. Dr. Amin Adam expressed optimism that these inflows will put the Central Bank in a solid position to stabilize the currency.
Investor confidence in Ghana’s economic reforms has been growing, with some investors considering re-entering the domestic bond market. The Finance Minister also welcomed the IMF’s revised growth projection for Ghana, adjusting the target for 2024 from 3% to 4%.
Ghana’s economy has shown strong recovery compared to two years ago, with significant progress in growth, exchange rate stability, and inflation. Dr. Amin Adam emphasized that the government has performed exceptionally well in managing the economy.
The IMF’s revised growth outlook and the upcoming disbursement are seen as positive signals for Ghana’s economic recovery and future stability