IMF reschedules board meeting on Ghana’s programme to January 19

On January 15, 2024, 3:50 PM

The International Monetary Fund (IMF) has rescheduled its Executive Board meeting to review Ghana’s programme and approve some $600 million for the country to January 19, 2024.

The review will be the first after Ghana secured the IMF programme in May 2023.

However, sources indicate that this is not due to any challenge in Ghana meeting the programme benchmark or target or concerns about the deal Ghana reached with its external bilateral creditors under the G20 Common Framework.

But rather it has to do with the Executive Directors of the Board asking for some more time to scrutinise Ghana’s documents submitted by the IMF staff.

Sources say the IMF Executive Board needs a minimum of three working days to carry out the necessary scrutiny and “procedural review of Ghana’s programme”

Therefore having the board meeting on Thursday January 18, 2024, may not give them adequate time to carry out the necessary review of the documents that have been presented.

Background 

The Executive Board of the IMF was expected to have met on January 18, 2024 to review Ghana’s programme. This was part of the two dates agreed upon in December 2023, subject to Ghana securing the necessary financing assurance from the Official Creditor Committee.

The Fund was hoping a deal would have been reached on time to enable the Board to have met on January 11, 2024.  However, that was not case.

But with Ghana and its bilateral creditors reaching a deal on Friday, January 12, 2024, this paves the way for the IMF Board to meet on Ghana’s programme.

IMF Board meeting on Ghana and next line of action

If Ghana is able to meet all the targets set under the programme for this first review meeting, the Executive Board will then approve about $600 million for the country, as the second bailout package.

Sources say the funds should be transferred to the Bank of Ghana’s account within four working days,