Finance minister announces IMF review meeting, $360m aid expected

The Minister of Finance, Dr. Mohammed Amin Adam, has announced that the IMF Board will convene on December 2, 2024, to review Ghana’s third programme.

This review could lead to a $360 million disbursement to the Bank of Ghana, supporting the government's budget and balance of payments.

The upcoming meeting follows a staff-level agreement reached earlier this month after the IMF reviewed data up to June 2024.

Dr. Amin Adam noted that this disbursement would bring the total funds received under the IMF programme to $1.92 billion.

Speaking at a press briefing in Washington, DC, during the Annual IMF/World Bank Meetings, Dr. Amin Adam confirmed that Ghana has met all requirements for the IMF programme’s approvals and disbursements.

He expressed optimism that the $360 million from the IMF, along with an additional $300 million from the World Bank, would bolster Ghana’s reserves and help stabilise the Ghanaian cedi in the coming year.

He reassured businesses that there is no need to panic about foreign exchange availability.

Dr. Amin Adam emphasised that the IMF funds signal to investors that the government is taking the necessary steps to stabilize the economy.

He also reported positive feedback from investor meetings in Washington, DC, indicating renewed interest in Ghana’s domestic bond market.

Addressing concerns about economic management, Dr. Amin Adam highlighted significant progress in growth, exchange rate stability, and inflation over the past two years, asserting that Ghana’s economy has strongly recovered.

The finance minister welcomed the IMF’s revised growth projection for Ghana, which increased the 2024 target from 3% to 4%.

He expressed confidence that Ghana would exceed this target due to recent investments yielding results, although the government will maintain the original 3% growth projection in the 2024 budget for now.

ID/EB

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