…..$370m deal in sight
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has commended Ghana’s Minister for Finance, Dr Cassiel Ato Forson, and his team for their, “strong commitment to the Fund-supported programme and reforms aimed at restoring macroeconomic stability.”
During a meeting on Saturday, Georgieva, praised Dr Forson’s leadership and noted the significant progress Ghana, has made under challenging circumstances.
She reaffirmed the IMF’s continued support for the country, stating, “The IMF remains a strong partner of Ghana.”
This high-level endorsement, follows the announcement that Ghana, has reached a staff-level agreement with the IMF on the fourth review of the Fund-supported programme.
Once formally approved by the IMF Executive Board, the agreement, will allow Ghana to receive approximately 370 million dollars.
This achievement is, particularly remarkable given that several structural benchmarks and quantitative targets under the programme, had been breached before the new government assumed office.
The breakthrough reflects the aggressive and focused efforts of the Mahama administration to reverse the economic situation and restore confidence in Ghana’s financial management.
Since taking office, the government has accelerated the implementation of structural reforms, delivering results ahead of schedule and bolstering optimism about Ghana’s economic prospects.
A major focus of the administration’s reform agenda has been resolving the large accumulation of payables in 2024, which contributed to a significant primary deficit instead of the modest surplus originally targeted.
To address this, the government has introduced a range of bold and pragmatic measures to strengthen spending controls, restore budget credibility, and ensure fiscal and debt sustainability.
In addition to these reforms, the government has already completed several structural benchmarks initially scheduled for completion at the end of December 2024 and March 2025, underlining its strong commitment to economic recovery.
The Governor of the Bank of Ghana, Dr Johnson Asiama, Senior Economic Advisor, Seth Terkper, and the National Development Planning Commission Chairman, Dr Nii Moi Thompson, were also in attendance.