The International Monetary Fund (IMF) has announced a staff-level agreement on the second review of the extended credit facility with Ghana.
Once approved by IMF Management and completed by the IMF Executive Board, Ghana will have access to approximately US$360 million in financing.
This was revealed by Mr. Stéphane Roudet, Mission Chief for Ghana, at a press conference organized by the Ministry of Finance in Accra on Saturday.
The IMF praised Ghana’s strong performance under the program, citing positive economic growth, declining inflation rates, and improvements in both fiscal and external positions. These achievements are attributed to the authorities’ strong policy efforts and implementation of key reforms.
For his part, Dr. Mohammed Amin Adam, the Finance Minister, assured that the government is determined not to overburden Ghanaians by paying more taxes. Rather, the government would ‘use the hard way’ to collect revenue from those who have not been paying the appropriate taxes and those who have been evading taxes in the country.
He indicated that there was an urgent need to increase revenue in line with the implementation of the US$3 billion loan-support programme, but the government was also careful not to burden the few Ghanaian taxpayers.
Dr. Amin Adam also stated that the government was pursuing reforms within the tax administration to ensure that proper assessments were done and people were made to pay the appropriate taxes to the state in the easiest and fastest ways possible.
While lauding Ghanaians for the sacrifices made since the programme’s implementation in May 2023, the Finance Minister encouraged all to remain patient and sacrificial.
Dr. Ernest Addison, Governor of, the Bank of Ghana (BoG), reiterated the government’s determination to make sure that state institutions worked to change the narrative of election expenditure, which was derailing economic progress in the country.
Financial analysts believe that when the IMF Board meets in June this year, it will approve Ghana’s GHS$360 million third tranche, following a staff-level agreement reached between Ghanaian Authorities and the IMF Mission Team.
That would bring the total disbursement for Ghana to US$1.56 billion since the implementation of the US$3 billion, three-year IMF loan-support programme.
The programme is aimed at restoring macroeconomic stability and debt sustainability, building resilience, and laying the foundation for stronger and more inclusive growth.
