The Finance Minister, Mohammed Amin Adam says that the second review of the three-year $3 billion International Monetary Fund (IMF) programme will be conducted by IMF staff from April 2 to 12, 2024.

According to him, this follows the successful completion of the first review, which resulted in the disbursement of $600 million into the economy.

Speaking at a press conference on the state of the economy on Tuesday, March 26, Mr Adam stated that during the second review, the IMF will engage the Ghanaian authorities in technical and policy discussions to assess Ghana’s performance on programme objectives.

He emphasised that the approval of the second review by the Fund's executive board, "Possibly' by June 2024, will trigger the release of the third tranche of $360 million", bringing the total disbursement under the programme to $1.56 billion.

The Finance Minister indicated that the second review will be the first of the two semi-annual reviews for 2024, with the third review expected in November 2024.

“Each time we are successful with the review, we will see the disbursement of funds from the IMF and this is all included in the $1.2 billion disbursement we are expecting this year,” he added.

Mr Adam emphasised that the funds will not only build Ghana’s reserves but also strengthen the currency and provide support for budget implementation.

He noted that the Finance Ministry is working with the Bank of Ghana to prepare for the review.

"Preliminary assessments undertaken by the Ministry and the Bank of Ghana indicate that we are on track to meet the targets under the programme."

Meanwhile, the International Monetary Fund has said that it is important for Ghana to stick to the International Monetary Fund – support programme being implemented over the next three years.

Addressing the press in Washington, DC, on February 5, 2024, the Director of the African Regional Department at the IMF, Abebe Aemro Selassie said it is really important for Ghana to implement the programme fully.

Read also: Ghana must stick to and implement fully Fund-support programme – IMF

He, however, pointed out that the Fund will continue to support Ghana, consistent with the programme implementation. 

“What I can say is that going forward would be really really important that Ghana continues to implement the programme that they have developed as envisaged. That is really critical”.

“These programmes are designed to be implemented over three, four years. And it is important that you stick…Ghana stays the course and see the programme being implemented over the next three years. So, we look forward to continuing to support Ghana, consistent with programme implementation”, he explained.