Strictly follow bailout programme –IMF to Ghana
The IMF is advising Ghana to stay on track with its fund programme in order to fully benefit from the ongoing bailout package. The Fund is calling for the effective implementation of structural reforms after the release of the $600 million second tranche. The IMF insists that Ghana adheres to the agreed-upon austerity measures to manage its way out of the economic crisis.
Abebe Selassie, Director of the African Department at the IMF, emphasized the importance of Ghana following the agreed-upon program over the next three years.
The Bank of Ghana acknowledged receiving the $600 million second tranche for budget support and stabilization of the local currency, bringing the total to $1.2 billion out of the $3 billion approved under the three-year extended credit facility in May 2022.
The IMF stated that Ghana is performing well under the program, with reforms bearing fruit and signs of economic stabilization emerging. The next IMF program review for Ghana is scheduled for June 2024 for the third tranche of approximately $360 million.
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