Commit to Bailout Program Rules - IMF to Ghana

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The International Monetary Fund (IMF) has reiterated the critical importance of Ghana's steadfast dedication to its bailout program to fully harness its benefits and steer the nation towards economic stability.

The Bretton Woods Institution has stated the necessity of effectively implementing structural reforms, particularly after the disbursement of the second $600 million tranche to the Ghanaian government. This highlights the significance of adhering to agreed-upon measures to optimize the outcomes of the financial assistance program.

Related To This: Use $600 Million IMF Bailout Wisely - John Mahama To Gov't

Despite Ghana's recent discussions with the IMF regarding projected revenue shortfalls due to the proposed suspension of the VAT on electricity—an idea facing resistance from the Trades Union Congress (TUC)—the IMF's Director of the African Department, Abebe Selassie, has emphasized the crucial nature of strict adherence to austerity measures as a means to combat the economic challenges faced by the country.


Selassie stressed the importance of continuity, mentioning that Ghana's adherence to the program's timeline and objectives is paramount for its economic well-being. He highlighted that these programs are designed to unfold over several years, requiring steadfast commitment to see them through.

The IMF Director commended Ghana for its positive strides within the program, noting that the reforms are yielding tangible results and signaling improvements in economic stability. The recent successful board review, along with commitments from official creditors for debt relief, indicates a positive trajectory for Ghana's economic recovery.

Related To This: Free SHS Will be Reviewed - Gov't to IMF

In late January, the Bank of Ghana confirmed the receipt of the $600 million second tranche, bringing the total disbursement to $1.2 billion out of the approved $3 billion under the extended credit facility sanctioned in May 2022. The forthcoming IMF program review scheduled for June 2024 aims to secure the third tranche of approximately $360 million, highlighting the ongoing support and collaboration between Ghana and the IMF.

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