The International Monetary Fund’s (IMF) has denied revising Ghana’s growth rate from 1.5 per cent to 1.2 per cent.

The Fund’s Resident Representative in Ghana, Dr. Leandro Medina, clarified in a statement stressing that the recent data release was erroneous.

“The latest IMF World Economic Outlook projection (1.2 per cent growth for 2023) is based on an old vintage of Fund staff projections. In particular, it does not take into account the recent data releases that showed a higher growth rate than expected at the beginning of the programme (averaging 3.2 per cent for the first two quarters).

“At the current juncture, and based on the findings of the first ECF review mission that just ended last week, IMF staff assessment is that the growth projection for 2023 will be revised up from the 1.5 percent previously assumed.”
Dr. Leandro Medina

Meanwhile, Ghana’s Ministry of Finance has expressed gratitude to the IMF for its continued support to Ghana and also for urging the country’s bilateral creditors to promptly agree on debt relief terms to facilitate Ghana’s access to the second tranche of the $3 billion from the Bretton Wood Institution.

Recent Staff-Level Agreement On IMF Programme’s First Review

Following the recent review of Ghana’s bailout package, IMF boss Kristalina Georgieva tweeted saying “Great to meet @MoF_Ghana Min Ofori-Atta & @thebankofghana Gov Addison at #IMFMeetings. Congrats on the recent staff-level agreement on the Fund-supported programme’s first review”. She added saying “Counting on bilateral creditors reaching agreement on debt relief soon to move the review forward”.

Expressing gratitude to the IMF for its crucial support, Ghana’s Finance Minister Ken Ofori-Atta tweeted in response saying, “Great meeting with @KGeorgieva during the #IMFMeetings. Discussed recent achievement of SLA for first review. Grateful for strong IMF support, and calling on bilateral creditors to agree on debt relief terms as quickly as possible. #GhanaRising”.

The IMF, awaiting the outcome of Ghana’s engagement with bilateral creditors, emphasised the necessity of resolving debt relief terms before releasing the next tranche of the $3 billion facility.

The International Monetary Fund (IMF) and Ghana have reached a staff-level agreement regarding economic policies and reforms to conclude the first review of Ghana’s three-year program under the Extended Credit Facility.

According to the fund, performance with respect to the program’s targets and reform objectives has been very strong. As such, Ghana will access to about US$600 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board. To ensure the timely completion of the review, the country needs official creditors to quickly reach an agreement on a debt treatment in line with the financing assurances they provided in May 2023.

Meanwhile, the IMF staff held meetings with Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies. The IMF team also engaged with other stakeholders. Staff would like to express their gratitude to the Ghanaian authorities and other counterparts for their continued open and constructive engagement.