Bloomberg has disclosed that all is set for the International Monetary Fund (IMF) Executive Board to evaluate Ghana’s Programme today, May 17, 2023, with signs that the country would obtain approval for the programme.
This, as reported by Bloomberg, will clear the path for the first tranche of Ghana’s $3 billion balance of payment assistance to be disbursed soon, adding that “The IMF board is undertaking this exercise after the country met all the pre-conditions as well as obtained financing assurance from members of the G20 Common Framework.”
The cedi and Ghana’s Eurobonds have extended gains on the international market.
According to Bloomberg, the cedi strengthened by 5.3% on May 15, 2023 – the most appreciation in value since April 3, 2023. It actually gained 5.0 pesewas to the American greenback on the retail market to sell at ¢11.90 on May 15, 2023.
The trend, as stated by Bloomberg, continued yesterday, May 16, 2023, as the local currency gained further strength against the American ‘greenback’ to sell at ¢11.78.
On Thursday, May 18, 2023, the IMF is expected to host a virtual news conference to update journalists on the outcomes of the IMF Executive Board meeting on Ghana’s request for an Extended Credit Facility Arrangement.
The Finance Minister – Mr. Ken Ofori Atta, who has been in the United States for other engagement reasons since last week, will attend the press conference in person, while the Governor of the Bank of Ghana, Dr. Ernest Addison, will participate remotely from Accra.
Detailed Information About Ghana’s Program To Be Published By IMF
Meanwhile, the IMF has assured to publish the full details of Ghana’s Economic Recovery Programme, once approval is given.
The Fund will also detail the program’s necessary requirements as well as the staff report on Ghana.
It can recalled that in an interview, Dr. Mohammed Amin Adam, Minister of State in the Finance Ministry, revealed that the current government administration is devoted to transparency, hence supports IMF decision of publishing any information about the programme.
“As a result of this, the government has instructed the IMF to publish all the document once the approval has been given. The documents will be out there for the public to continue to scrutinise and to help monitor. It is important because we are suppose to implement a number of measures and to the extent that the public must know what these measures are.
“Through this, Ghanaians will be able to ask relevant questions as to how we are performing. Public accountability will continue to be a feature of the Ghanaian politics. We have a strong parliament who are not afraid to ask relevant questions and so we want to be as transparent as possible and that is the commitment the President – His Excellency Akufo-Addo has made.”
Dr. Mohammed Amin Adam
