IMF Mission Chief: Ghana must secure external financing assurance for next tranche approval

The International Monetary Fund (IMF) Mission Chief for Ghana, Stephane Roudet, has revealed that the government must secure financing assurance from external bilateral creditors before the IMF board can approve the next tranche of funds for the country.

Mr. Roudet made this disclosure during a yet-to-be-aired interview on the PM Express Business Edition with host George Wiafe on Joy News. This announcement comes after the IMF Staff completed its Mission Visit and Article IV Consultation visit to Ghana from September 25 to October 6, 2023.

Mr. Roudet stressed the importance of this financing assurance as a safeguard measure for the IMF to present Ghana’s Report to the Board in November 2023.

The IMF Team’s visit to Ghana was to discuss progress on reforms and the government’s policy priorities as part of the first review of Ghana’s three-year program under the Extended Credit Facility, approved by the IMF Executive Board for a total of $3 billion on May 17, 2023.

The IMF’s assessment of Ghana’s economy, which has shown signs of stability, has faced criticism. However, Mr. Roudet defended this assessment, citing improvements in fiscal and economic indicators compared to the previous year.

Addressing concerns about the pace of Ghana’s IMF Program, Mr. Roudet highlighted that certain decisions were made to expedite Ghana’s recovery, and the IMF is actively working to accelerate the process further.

He emphasized the positive impact on the livelihood of Ghana’s citizens and underscored the IMF’s commitment to fast-tracking progress.

Source: Norvanreports