As the IMF wrapped up its fourth review mission, there were whispers of a potential staff-level agreement on the horizon, despite the country having missed some crucial targets the previous year. Apexnewsgh reports
Behind closed doors, sources close to Citi Business News revealed that a provisional agreement was still a possibility. However, this would depend heavily on the government’s commitment to implementing some vital corrective measures. The stakes were high, and the government knew it had to act decisively.
As officials gathered to discuss their strategy, a clear focus emerged. The government identified two key areas that needed immediate attention: tax reforms and improvements in public procurement. They understood that enhancing revenue mobilization and strengthening public financial management would be essential to their success. Additionally, streamlining expenditure and increasing fiscal transparency in public procurement were seen as necessary steps to regain the confidence of international stakeholders.
With the IMF’s two-week review commencing on April 2, Ghana’s economic performance and structural reforms were scrutinized. The outcome of this review was particularly critical; a positive result could unlock approximately $360 million in financial support for the nation. As June approached, the IMF was expected to present Ghana’s situation to its Executive Board, a pivotal moment that could set the stage for the next tranche of funds.
Progress was already evident in Ghana’s economy. The nation had received $1.92 billion under the $3 billion Extended Credit Facility, and recent data painted a promising picture. The country experienced a GDP growth rate of 5.8% in the first half of 2024, spurred by positive developments across various sectors. Furthermore, Ghana had managed to outperform the inflation targets set in the program and was making strides in its debt restructuring efforts.
As officials looked ahead, the importance of reaching a successful agreement with the IMF grew clearer. Such an agreement would not only bolster macroeconomic stability but also restore investor confidence, guiding Ghana along its recovery path. The government remained steadfast in its commitment to implementing sound fiscal policies, strengthening its financial sector, and working tirelessly to rebuild trust in the country’s economy. In this crucial moment, the hope was that Ghana would emerge stronger and more resilient than ever before.
Source: Apexnewsgh.com
