Govt optimistic about IMF Staff-Level agreement as fourth review ends

The Government of Ghana is hopeful about reaching a staff-level agreement with the International Monetary Fund (IMF). This comes as the IMF concludes its fourth review mission today, April 15. The review is part of the Extended Credit Facility (ECF) program.

Sources tell Citi Business News that Ghana missed some key targets last year. However, a provisional agreement could still be possible. This depends on the government's commitment to implement corrective measures soon. Key areas include tax reforms and improvements in public procurement.

The IMF plans to present Ghana’s case to its Executive Board in June. This step is crucial for unlocking more financial support. The two-week review started on April 2 and assessed Ghana’s economic performance and structural reforms.

The IMF team met with officials from the Ministry of Finance and the Bank of Ghana. They also engaged with other key stakeholders, focusing on inflation, monetary policy, and debt restructuring. A successful review could lead to the release of about $360 million.

Ghana has already received $1.92 billion under the $3 billion ECF program. The outcome of this review is vital for strengthening macroeconomic stability and boosting investor confidence as Ghana works on its recovery path.