{"id":71055,"date":"2024-04-16T18:02:59","date_gmt":"2024-04-16T18:02:59","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana"},"modified":"2024-04-16T18:15:01","modified_gmt":"2024-04-16T18:15:01","slug":"imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana","title":{"rendered":"IMF reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility with Ghana"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>An International Monetary Fund (IMF) staff team, led by Mr. Ste\u0301phane Roudet, Mission Chief for Ghana, held meetings in Accra during April 2-12, 2024, to discuss progress on reforms and the authorities\u2019 policy priorities in the context of the second review of Ghana\u2019s 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.<\/b><\/p>\n

At the end of the mission, Mr. Roudet issued the following statement:<\/p>\n

\u201cI am pleased to announce that IMF staff and the Ghanaian authorities have reached a staff-level agreement on the second review of Ghana\u2019s 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 between the Ghanaian authorities and their official creditors on an MoU for 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 269.1 million (about US$ 360 million), bringing the total IMF financial support disbursed under the arrangement since May 2023 to SDR 1,171.9 million (about US$ 1,560 million).<\/p>\n

\u201cPerformance under the IMF-supported program has been generally strong, with most quantitative targets met. Good progress has also been made on the key structural reform milestones. The authorities\u2019 policies and reforms to restore macroeconomic stability and debt sustainability while laying the foundations for stronger and more inclusive growth are already generating positive results.<\/p>\n

\u201cEconomic activity in 2023 was more robust than initially envisaged, and growth projections for 2024 will be revised upward. Monetary policy has remained appropriately tight, allowing for inflation to decline rapidly.<\/p>\n

\u201cOn the fiscal front, consistent with the authorities\u2019 commitments under the IMF-supported program, the fiscal primary balance on a commitment basis improved by over 4 percentage points of GDP in 2023 and is on track to achieve a fiscal primary surplus of 1\u20442 percent of GDP in 2024. Spending has remained within budget limits, while the authorities have significantly expanded social protection programs to help mitigate the impact of the crisis on the most vulnerable. Ghana has met its non-oil revenue mobilization target, while making progress in implementing ambitious structural fiscal reforms to bolster domestic revenues, strengthen public financial and debt management, and enhance transparency.<\/p>\n

\u201cThe external sector has improved significantly, with international reserve accumulation ahead of program objectives. Financial stability has been preserved, with banks posting solid profits in 2023.<\/p>\n

\u201cGiven Ghana\u2019s strong progress under the IMF-supported program, the next key step for the country is to reach an agreement with its official bilateral creditors on an MoU consistent with the terms agreed in January 2024. We look forward to the authorities\u2019 continued efforts to reach an agreement with all creditors in line with program parameters.\u201d<\/p>\n

IMF staff held meetings with Finance Minister Adam, Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies. The IMF team also engaged with other stakeholders. The IMF staff team would like to express their gratitude to the Ghanaian authorities and other counterparts for their continued open and constructive engagement.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. An International Monetary Fund (IMF) staff team, led by Mr. Ste\u0301phane Roudet, Mission Chief for Ghana, held meetings in Accra during April 2-12, 2024, to discuss progress on reforms and the authorities\u2019 policy priorities in the context of the second review of Ghana\u2019s three-year program under the Extended Credit Facility. The arrangement […]<\/p>\n","protected":false},"author":84,"featured_media":71054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-71055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nIMF reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility with Ghana - Ghana<\/title>\n<meta name=\"description\" content=\"An International Monetary Fund (IMF) staff team, led by Mr. Ste\u0301phane Roudet, Mission Chief for Ghana, held meetings ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility with Ghana\" \/>\n<meta property=\"og:description\" content=\"An International Monetary Fund (IMF) staff team, led by Mr. Ste\u0301phane Roudet, Mission Chief for Ghana, held meetings ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T18:02:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-16T18:15:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/04\/sm_1713278264.347083.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility with Ghana\",\"datePublished\":\"2024-04-16T18:02:59+00:00\",\"dateModified\":\"2024-04-16T18:15:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana\"},\"wordCount\":546,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/04\/sm_1713278264.347083.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-reaches-staff-level-agreement-on-the-second-review-of-the-extended-credit-facility-with-ghana\",\"name\":\"IMF reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility with Ghana - 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