The International Monetary Fund has noted that due to Ghana’s elections and its corresponding expenses, its program deteriorated at the end of 2024.

According to the Fund, the new government has taken bold measures to address policy and reform slippages and ensure the achievement of program objectives since the beginning of the year.

In a release after the end of the fourth review, the IMF wrote, “Notwithstanding higher-than-expected growth and a further significant improvement in Ghana’s external position last year, program performance deteriorated markedly at end-2024. Fiscal slippages in the run-up to the elections led to a large accumulation of payables; inflation exceeded program targets; and several reforms were delayed.”

Ghana and the IMF have reached a staff-level agreement on a package of economic policies and reforms to conclude the fourth review of the 36-month ECF-supported program.

Once the review is approved by the IMF Executive Board, Ghana will have access to about US$370 million in financing.

The Minister of Finance, Dr Cassiel Ato Forson pledged his commitment to ensuring the smooth sailing of the program.

He said, "I would like to use this opportunity to assure the Ghanaian people, the IMF, and other key stakeholders that I will personally lead the charge to ensure the implementation of all our commitments under the Fund-supported program, which are necessary for the approval of the 4th Review by the IMF Board."

SSD/MA

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