Dr Mohammed Amin Adam, the Minister of Finance, has outlined key performance indicators that led to the successful completion of the Second Review by the International Monetary Fund (IMF).
On Saturday, April 13, 2024, the IMF disclosed that it had reached a staff-level agreement on the second review of the extended credit facility with Ghana.
The IMF stated that Ghana would have access to approximately US$360 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board.
Updating on the outcome of the 2nd Review of the IMF supported Post Covid-19 for Economic Growth (PC-PEG), during a joint Ghana-IMF press conference, on Saturday, April 13, the Minister of Finance explained that “The Second Review was based on key performance indicators, including six (6) Quantitative Performance Criteria, three (3) Indicative Targets, and one (1) Structural Benchmarks which were due at the end of December 2023 and 4 Structural Benchmarks due at the end of March 2024 since the programme is also forward looking.”
He indicated that despite the successes chalked in the economy, there are areas that need more attention, especially the energy and cocoa sectors.
Dr Amin Adam reiterated that they have established adequate control mechanisms to ensure that key targets under the IMF-supported programmes are met, despite 2024 being an election year.
“We have also put in place sufficient control and monitoring mechanisms to ensure key targets under the IMF-supported programme are met, even though 2024 is an election year.”
He expressed Ghana’s gratitude to its bilateral partners, including the Bank of Ghana, IMF, World Bank, AfDB, among others.
“We would like to use this opportunity once again to express our gratitude to our stakeholders including the Bank of Ghana, the IMF, the World Bank, the AfDB, other multilateral lenders, all our bilateral partners, and the good people of Ghana for their unwavering support and commitment as we build on the gains to transform our beloved country.”
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