Ghana has successfully met all six Quantitative Performance Criteria (QPCs) and all four Indicative Targets (ITs) under its program with the International Monetary Fund (IMF) during the third review, Finance Minister Dr. Mohammed Amin Adam has announced. Additionally, Ghana outperformed its inflation target and met all structural benchmarks due by the end of September 2024.
The minister made these remarks at a joint Government of Ghana-IMF press briefing, where he confirmed that the country had reached a Staff Level Agreement (SLA) with the IMF following the 3rd review of the IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG). He attributed this achievement to Ghana’s remarkable performance in achieving program objectives.
“I am happy to inform you that we have reached a staff level agreement under the 3rd review as a result of the remarkable performance we have made so far,” Dr. Amin Adam said. The IMF Executive Board is expected to review the SLA in early December 2024, and, once approved, Ghana will receive an additional US$360 million, bringing total disbursements under the program to US$1.992 billion.
Dr. Amin Adam expressed gratitude to the people of Ghana for their support, acknowledging the role it has played in the country’s progress. He provided an economic update for September, highlighting key areas such as GDP growth, fiscal consolidation, inflation control, debt restructuring, currency stabilization, and financial sector stability.
Real GDP growth for the first half of 2024 reached 5.8%, far surpassing the previous year’s first-half growth of 2.9% and the revised annual target of 3.1%. The growth was fueled by strong performances in both Q1 (4.8%) and Q2 (6.9%), marking the highest growth rates in five years.
Dr. Amin Adam emphasized the government’s commitment to sound fiscal policies, particularly in ensuring economic stability through the IMF-supported PC-PEG, regardless of the political cycle. “Let me assure you that the government is fully committed to fiscal discipline and economic sustainability,” he added.
IMF Mission Chief for Ghana, Stéphane Roudet, praised Ghana’s progress, especially in debt restructuring, and stressed the importance of continued reforms. He highlighted the need for Ghana to maintain policy discipline as the country heads towards the December elections, particularly in areas such as revenue collection, expenditure control, and social protection programs.
The IMF team held discussions with key Ghanaian officials, including Dr. Mohammed Amin Adam, Bank of Ghana Governor Dr. Ernest Addison, and other stakeholders from government agencies and ministries, focusing on ensuring economic stability and strengthening key social and financial sectors.
SOURCE: http://dew360.net
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