Ghana’s Finance Minister, Dr. Mohammed Amin Adam, announced that the IMF Board is set to meet on December 2, 2024, to review Ghana’s Third Programme Review. This meeting is crucial as it could lead to the disbursement of $360 million to the Bank of Ghana, aimed at bolstering the government’s budget and addressing balance of payments needs. The anticipated review follows a staff-level agreement reached earlier this month, after an IMF delegation assessed data up to June 2024.
Dr. Amin Adam made this announcement during a press briefing in Washington, DC, at the Annual IMF/World Bank Meetings. He highlighted that if approved, this latest disbursement would bring the total funds received under the IMF program to $1.92 billion. The Minister expressed confidence that this financial injection, along with an additional $300 million from the World Bank, would significantly strengthen Ghana’s reserves and help stabilize the Ghanaian cedi in the upcoming year.
Addressing concerns about foreign exchange availability for businesses, Dr. Amin Adam reassured stakeholders that the Bank of Ghana is in a strong position and that additional inflows would further enhance its capacity to stabilize the currency. He emphasized that the IMF’s support signals to investors that the government is committed to stabilizing the economy, encouraging potential investors to consider re-entering the domestic bond market.
The finance minister also welcomed the IMF’s revised growth projection for Ghana, increasing the target for 2024 from 3% to 4%. Dr. Amin Adam expressed optimism about Ghana’s economic recovery, stating that recent investments are beginning to yield positive results. While confident in the potential for exceeding the new growth target, he confirmed that the government would maintain the original 3% growth projection in the 2024 Budget for now.
