The $3 billion, three-year Programme for Economic Growth (PC-PEG), which is sponsored by the IMF post-COVID-19, is about to go through its second assessment in Ghana. This review is being conducted starting today, Tuesday, April 2, 2024. The first review was completed successfully earlier in January.

Over the weekend, IMF mission staff members arrived in Ghana to start evaluating the country’s performance in relation to the program’s goals. For the next two weeks, this assessment will be conducted.

Ghana will be rigorously monitoring its compliance with the program’s stipulated objectives during this time, with particular attention paid to areas like structural changes, fiscal management, and economic recovery.

Ghana’s economic future and its interactions with foreign financial institutions will be greatly impacted by the review’s conclusion.

Government has already stated that it is confident it will pass this review of the IMF programme and that it will achieve all structural requirements in order to receive the $360 million third tranche of IMF funding by the end of June.

This round of evaluation by the IMF is the first of two scheduled reviews this year, but it will be the second programme review since the bailout’s completion. November 2024 is the date of the upcoming review.

With the issuance of the second tranche facility to support the country’s budget, the IMF team will review the quantitative and qualitative targets.

Yet, this is taking place in spite of the difficulties the government is facing in coming to a mutually agreeable arrangement for the restructuring of its external obligations with its bilateral and commercial creditors.

Notwithstanding the substantial strides achieved in negotiations, the government maintains its hopeful outlook over its ability to secure the $360 million third tranche, which would bring the total disbursements to approximately $1.56 billion.

In addition to the President, the IMF will meet with representatives of the government, central bank, and civil society organisations during the visit.

The governor of the Bank of Ghana, Dr. Ernest Addison, and the minister of finance, Dr. Mohammed Amin Adam, have both affirmed that the government is ready to stick with its current course. After the IMF Board approves their status report, the IMF mission staff will depart on Friday, April 12, 2024, and return to Washington, DC.