Finance Minister Dr. Mohammed Amin Adam has announced that the International Monetary Fund (IMF) Board is scheduled to meet on December 2, 2024, to conduct a crucial assessment of Ghana’s third programme review.
This meeting could pave the way for a significant $360 million disbursement to bolster the government’s budget and address the balance of payments needs. If approved, the total support from the IMF since Ghana’s participation in the programme would rise to $1.92 billion.
Dr. Amin Adam disclosed this at a press briefing in Washington, D.C., during the IMF/World Bank Annual Meetings. He noted that Ghana has met all criteria under the IMF program, projecting that the expected inflows, alongside a $300 million World Bank contribution, will bolster the Bank of Ghana’s reserves to stabilize the cedi.
“The Bank of Ghana already holds strong reserves, and this disbursement will further solidify the Central Bank’s position to support the cedi,” Dr. Amin Adam stated, emphasizing there is “no need for businesses to worry over foreign exchange availability.”
Highlighting investor sentiment, Dr. Amin Adam shared that meetings with international investors showed renewed interest, particularly in the domestic bond market. “Some investors are considering re-entering, though we are carefully reviewing these requests,” he said, noting growing confidence in Ghana’s economic reforms.
Responding to critiques of the government’s economic record, he pointed to Ghana’s recent economic resilience, citing gains in growth, exchange rate stability, and inflation control. “Ghana’s economy has significantly rebounded compared to two years ago. We’ve made tremendous progress,” he said.
The IMF recently adjusted its 2024 growth forecast for Ghana from 3% to 4%, a shift Dr. Amin Adam welcomed. However, he maintained the government’s more conservative 3% growth target in the upcoming 2024 Budget, noting optimism for an outperforming result based on recent economic trends.
