The Independent Uganda: You get the Truth we Pay the Price
ACCRA | Xinhua | The executive board of the International Monetary Fund (IMF) has approved the fourth review of Ghana’s reforms, paving the way for the immediate release of 367 million U.S. dollars to deepen recovery, according to an IMF press release on Monday.
The new approval brings Ghana’s total disbursements under the 3-billion-dollar-backed arrangements to about 2.3 billion dollars since the beginning of the current reforms in May 2023.
“The new authorities have adopted strong corrective measures to address the fiscal impact of 2024 slippages and ensure the fiscal program remains on track, including achievement of a 1.5 percent of GDP fiscal primary surplus in 2025,” the release said.
The IMF urged the Ghanaian government to preserve the integrity of its fiscal policy by ensuring timely and continued efforts to further strengthen revenue administration, bolster public financial management, improve the management of state-owned enterprises, and tackle challenges in the energy and cocoa sectors.
Ghana’s headline inflation, which hit a record high of 54.1 percent in December 2022, eased to 13.7 percent in June, and the economy grew by 5.3 percent in the first quarter.
The central bank decided to keep its benchmark lending rate at 28 percent at its meeting in May.
Faced with severe economic malaise, including ballooning public debt, high fiscal slippage, surging inflation, and foreign exchange instability, the West African cocoa, gold, and crude oil exporter started its 36-month IMF-backed reforms in May 2023 to achieve recovery. ■
****
RELATED STORY
