The IMF country representative to Ghana, Natalia Koliadina has said the ongoing IMF program with Ghana is improving macroeconomic efficiency. 

The three-year extended credit facility arrangement with Ghana has so far been opposed by sections of Civil Society Organizations (CSOs) who say it is time Ghana pulls out of the program. 

But speaking to JoyBusiness, Natalia Koliadina believes active debt management and ambitious fiscal consolidation under the ECF-supported program have already started to show. 

"We see the debt has started declining, inflation is subsiding, monetary policy has been adequately tight and lending rate started to subside," She told JoyBusiness. 

Meanwhile, economist, Professor Godfred Bokpin argues that the efficiency of the IMF's extended credit facility arrangement with Ghana will be indicated in the overall performance of the economy.

“What is on the table now is how we see Ghana’s macroeconomic outlook after the program. If you look at the macro level statistics it looks like we have made some progress.” 

He said, “Not exactly what we are supposed to be but certain progress has been made. When you look at inflation and even our debt sustainability, it’s lower now than it was two to three years ago. Also, Gross Domestic Product (GDP) has picked up.”

So far, the Executive Board of the International Monetary Fund (IMF) has completed the fifth and sixth review of Ghana’s economic performance under the three-year Extended Credit Facility (ECF) arrangement with Ghana.

A successful review saw the IMF disburse about $191 million, bringing total disbursements under the arrangement to about $764.1 million. 

During the review, adjustments were made to the program to ensure that it remains on track and to enhance its prospects of success. 

In this context, the Executive Board also granted waivers, including for deviations in a few program targets.

Ghana’s three-year arrangement was approved on April 3, 2015, for about $955.2 million or 180 per cent of quota at the time of approval of the arrangement.