Ghana’s Ministry of Finance and the International Monetary Fund (IMF) have successfully concluded the fourth review of the IMF-supported program, reaching a Staff-Level Agreement (SLA). This development paves the way for the immediate disbursement of $370 million, bringing total disbursements under the program to $2.3 billion.
The agreement marks significant progress in Ghana’s economic recovery efforts, aimed at restoring macroeconomic stability, debt sustainability, and promoting inclusive growth and job creation. Finance Minister Dr. Cassiel Ato Forson emphasized the government’s commitment to implementing the program’s objectives despite challenges.
Key measures implemented include auditing payables and commitments, amending the Procurement Act, and introducing a debt rule to reduce the debt-to-GDP ratio to 45% by 2035. The government has also operationalized the single account mechanism and ensured the Cash Waterfall Mechanism is being implemented according to guidelines to guarantee minimum contractual payments to independent power producers.
The IMF Board’s approval of the fourth review is expected to further support Ghana’s economic recovery and reform agenda. The government acknowledges the sacrifices made by Ghanaians and expresses gratitude to the IMF Mission Team for their support and professionalism.
Sankofaonline
