Finance Minister Dr. Mohammed Amin Adam has disclosed that the IMF Board is scheduled to meet on December 2, 2024, to discuss Ghana’s Third Programme Review.
This review could result in the release of $360 million to the Bank of Ghana to support the Government’s budget and balance of payment needs.
The anticipated board meeting follows a staff-level agreement reached with the government earlier this month, after the IMF’s visit to review data up to June 2024.
“This disbursement by the IMF Board will bring the total funds received since Ghana signed up for the IMF programme to $1.92 billion,” Dr. Amin Adam noted.
Dr. Amin Adam announced this at a press briefing in Washington, DC, during the Annual IMF/World Bank Meetings.
He stated that Ghana has met all requirements for approvals and disbursements under the IMF programme.
Impact on the Economy
The Finance Minister expressed optimism that the anticipated $360 million from the IMF and an additional $300 million from the World Bank would strengthen Ghana’s reserves, helping stabilise the Ghanaian cedi going into the next year.
“We must remember that the Bank of Ghana already has strong reserves, and these additional inflows will put the Central Bank in a solid position to stabilize the Ghana cedi,” Dr Amin Adam added.
“There is no need for businesses to panic regarding the availability of foreign exchange to meet their demands.”
