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Ghana’s medium-term macroeconomic outlook positive – Amin Adam

The Minister of Finance, Dr Mohammed Amin Adam, has reaffirmed that Ghana’s medium-term macroeconomic outlook and prospects remain positive and promising.

He also highlighted the government’s dedication to implementing comprehensive structural reforms to bolster growth and enhance revenue mobilisation.

Speaking during a joint press conference by the government of Ghana and the International Monetary Fund (IMF) on Saturday, April 13, the Finance Minister said, “Ghana’s medium-term macroeconomic outlook and prospects continue to be positive and promising, with the Government maintaining its commitment to implementing comprehensive structural reforms to support growth, improve the PFM system, improve revenue mobilisation, and support sound monetary and exchange policy.”

He further emphasized that Ghana is committed to meeting key targets under the IMF-supported programme, despite 2024 being an election year.

“We have also put sufficient control and monitoring mechanisms in place to ensure key targets under the IMF-supported programme are met, even though 2024 is an election year. Ladies and gentlemen, if you recall on assumption of duty as Minister, I promised my commitment to the full implementation of the IMF programme, even though we have faced some challenges, we will continue to ensure that the programme is on course.

“I also promised that I will hold the line when it comes to expenditure in this election year, as most election years’ expenditures have been reckless. I will hold the line this year and ensure that we do not embark on extra-budgetary spending to ensure that the negotiated fiscal balances are met by the end of the fiscal year.”

On Saturday, April 13, 2024, the IMF announced that it had reached a staff-level agreement on the review of the extended credit facility with Ghana. The IMF stated that Ghana would have access to approximately US$360 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board.

Dr Mohammed Amin Adam attributed this to key performance indicators, including six Quantitative Performance Criteria, three Indicative Targets, one Structural Benchmark due at the end of December 2023, and four Structural Benchmarks due at the end of March 2024.

He said the successes chalked unlocks the disbursement of the third tranche of $360 million under the IMF- ECF programme,

“The SLA on the 2nd Review we have secured marks a significant milestone towards unlocking the disbursement of the third tranche of $360 million under the IMF- ECF programme, once the IMF Executive Board favourably considers and approves the 2nd Review at the next meeting on Ghana, possibly in June 2024 contingent on progress we make on debt restructuring with our bilateral and commercial creditors.”

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