IMF boss applauds Ghana for strong policies

Managing Director of the International Monetary Fund (IMF), Kristalina Georgia, has applauded Ghana for strong policies that ensured a successful first review of the $ 3billion deal.

Madam Georgieva said this in a tweet after Meeting President Nana Addo Dankwa Akufo-Addo at the Compact with Africa (CwA) Conference on Tuesday, November 21, 2023.

It comes after an International Monetary Fund (IMF) staff team, led by Mr. Stéphane Roudet, Mission Chief for Ghana, held meetings in Accra from September 25 to October 6, 2023, to discuss progress on reforms and the authorities’ policy priorities in the context of the first review of Ghana’s three-year program under the Extended Credit Facility.

The arrangement was approved by the IMF Executive Board for a total amount of SDR 2.242 billion (US$ 3 billion) on May 17, 2023. The team also conducted the 2023 Article IV consultation.

At the end of the mission, Mr. Roudet issued the following statement “I’m very pleased to announce that the IMF staff and Ghanaian authorities have reached a staff-level agreement on the first review of Ghana’s economic program under the Extended Credit Facility arrangement. This staff-level agreement is subject to IMF Management approval and Executive Board consideration once the necessary financing assurances have been received.

An agreement with official creditors on a debt treatment in line with program parameters would provide the needed financing assurances. Upon completion of the Executive Board review, Ghana would have access to SDR 451.4 million (about US$ 600 million), bringing the total IMF financial support disbursed under the arrangement, since May 2023, to SDR 902.8 million (about US$1,200 million).”

Following the meeting Kristalina Georgieva in her post quickly after the meeting said “Pleasure meeting with President@NAkufoAddo at #CwA. I praised Ghana’s strong policies that allowed reaching staff-level agreement on the 1st review of the IMF-supported economic program.”