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Ghana hopeful of IMF disbursement after review

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IMF
IMF

Ghanaian authorities expect the second review by the International Monetary Fund (IMF) of the government’s economic reforms to be successful, the country’s central bank said Monday.

Speaking at a press briefing, Bank of Ghana Governor Ernest Addison said the second review scheduled in April, which is key to another disbursement from the IMF, will include monetary policy performance, fiscal performance, inflation, reserve accumulation, and some structural benchmarks.

“Now, this review will be based on data at the end of December, and from our assessments, we are fairly confident of the performance at the end of December, and I am not expecting any surprises,” Addison said. “If the review is successful, hopefully, the board of the IMF will meet by May or June, and we should expect the third disbursement.”

Ghana, once one of the fastest-growing economies in Africa, has faced severe economic crises over recent years, marked by high fiscal deficits, escalating public debts, exchange rate fluctuations, high inflation, and high living costs.

The Ghanaian government secured a 3-billion-dollar loan from the IMF in May last year, hoping to steer the economy toward recovery.

The government has so far drawn down 1.2 billion dollars from the loan in two tranches.

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