The International Monetary Fund (IMF) has adjusted its schedule, pushing the Executive Board meeting to evaluate Ghana’s financial programme and approve approximately $600 million in support to January 19, 2024. This change has come to light from reliable sources knowledgeable about Ghana’s programme.
This review marks the first assessment since Ghana entered into the IMF programme in May 2023. Importantly, this rescheduling does not stem from any challenges related to Ghana meeting the programme’s benchmarks or targets, nor does it reflect concerns about the arrangement between Ghana and its external bilateral creditors under the G20 Common Framework.
Instead, the decision is primarily attributed to the Executive Directors of the IMF Board requesting additional time to thoroughly examine the documents submitted by the IMF staff.
Insiders reveal that the IMF Executive Board necessitates a minimum of three working days to conduct the essential scrutiny and procedural review of Ghana’s programme. Holding the board meeting on Thursday, January 18, 2024, as initially planned, might not provide sufficient time for the comprehensive assessment of the submitted documents.
The Executive Board of the IMF had originally intended to convene on January 18, 2024, for the programme review. This arrangement had been established in December 2023, contingent upon Ghana securing the requisite financing assurance from the Official Creditor Committee.
The Fund had anticipated that a timely agreement would have been reached to enable the Board to assemble on January 11, 2024. However, that scenario did not materialize.
With Ghana and its bilateral creditors successfully reaching an agreement on Friday, January 12, 2024, the path is now clear for the IMF Board to convene for the review of Ghana’s programme.
Pending Ghana’s accomplishment of all the programme’s prescribed targets for this inaugural review meeting, the Executive Board is poised to sanction approximately $600 million as the second instalment of the bailout package. Sources indicate that the funds are expected to be transferred to the Bank of Ghana’s account within four working days.
