Government has finally agreed to extend the International Monetary Fund, IMF, program to December 2018. This is despite several denials that the program was not going to be extended.

JoyBusiness understands this was one of the critical requirements before the IMF board meets today to assess Ghana’s program under the FUND.

For those who have been closely monitoring the program, Ghana will pass the IMF board’s test and this will also pave the way for the release of about $116 million to support the country’s import and export needs.

For some, passing the board’s test could give some stamp of approval to government’s policies and its commitment to stabilizing the economy, a development that could consolidate investor confidence in the economy.   

Analysts will also be looking forward to IMF’s assessment on how the economy has been managed by this government and whether there are threats to the economy.

Ghana entered into the agreement with the IMF in 2015 for economic support of $918 million.

The agreement was to restore policy credibility, economic stability and maintain fiscal discipline.

Ghana has so far received about $464.6 million under three separate tranches.