IMF Executive Board to consider Ghana’s request for ECF arrangement
All is set for the Executive Board of the International Monetary Fund (IMF) to consider Ghana’s Programme today May 17, 2023, with indications that the country will secure an approval for the programme.
This will pave way for the disbursement of the first tranche of the $3 billion balance of payment support to Ghana shortly.
The 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.
Already, 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 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 continued yesterday, May 16, 2023, as the local currency gained further grounds against the American ‘greenback’ to sell at ¢11.78.
The IMF is expected to hold a virtual press conference on Thursday, May 18, 2023 to brief journalists on the outcomes of IMF Executive Board meeting on Ghana’s request for an Extended Credit Facility Arrangement.
Joy Business has gathered that the Finance Minister who was has been in the USA for other engagements since last week, will join the press conference physically, whilst the Governor of the Bank of Ghana, Dr. Ernest Addison, joins virtually from Accra
Fund to publish details of Ghana’s programme
Meanwhile, the IMF will publish the full details of Ghana’s Economic Recovery Programme once approval is given.
It will also outline the necessary conditions associated with the programme as well as the staff report on Ghana.
Minister of State at the Finance Ministry, Dr. Mohamend Amin Adam told Joy Business government is committed to transparency.
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”, he added.
“Through this, they [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 [Akufo-Addo] has made”, the Minister of State.
