Finance Minister Dr. Mohammed Amin Adam announced that the IMF Board is scheduled to meet on December 2, 2024, to conduct Ghana’s third program review, a step that could release $360 million to support the nation’s budget and balance of payments. This upcoming review follows a staff-level agreement reached with the IMF after an assessment of Ghana’s financial progress up to June 2024. If approved, this disbursement would bring the total IMF funding for Ghana to $1.92 billion under the program.
Speaking during the IMF/World Bank Annual Meetings in Washington, D.C., Dr. Amin Adam stated that Ghana has met the required conditions for this disbursement, which will further stabilize Ghana’s currency. He also mentioned that the Bank of Ghana, which already has strong reserves, would benefit from the additional $360 million from the IMF and a projected $300 million from the World Bank, both of which would fortify the country’s reserves and support economic stability.
In response to questions about the economic outlook, Dr. Amin Adam expressed optimism that these inflows would strengthen the cedi and assured businesses that adequate foreign exchange resources will be available to meet their needs. He emphasized that this financial assistance would not only enhance liquidity but also signal investor confidence in Ghana’s economic reforms.
Dr. Amin Adam reported that investor interest was evident during the Washington meetings, with some investors considering re-entering Ghana’s domestic bond market. He said that recent reforms have been positively received by investors, and although Ghana’s economy faced challenges over the past four years, recent developments show substantial progress in economic stability, exchange rate management, and inflation control.
The IMF has also raised Ghana’s 2024 growth forecast from 3% to 4%, reflecting confidence in the country’s recovery efforts. Dr. Amin Adam voiced confidence in exceeding this revised projection based on ongoing economic reforms and recent investments. However, he added that Ghana would maintain a conservative 3% growth target in the 2024 Budget until further economic improvements are confirmed.
