IMF Reschedules Ghana Program Review, Delays $600 Million Approval

In a recent development, the International Monetary Fund (IMF) has pushed back its Executive Board meeting to assess and approve a substantial $600 million funding for Ghana’s program.

Originally scheduled for January 18, 2024, the meeting has been rescheduled to January 19, 2024, as revealed by sources familiar with Ghana’s program.

The move comes as the first review after Ghana successfully secured the IMF program in May 2023.

Contrary to speculations, this rescheduling is not attributed to Ghana facing challenges in meeting program benchmarks or concerns regarding its deal with external bilateral creditors under the G20 Common Framework.

Joy Business has learned that the delay is instead linked to the IMF Executive Board’s request for additional time to scrutinize the documents submitted by the IMF staff.

Sources suggest that the board requires a minimum of three working days for the necessary scrutiny and procedural review of Ghana’s program.

The initial plan was for the Executive Board to convene on January 18, 2024, in accordance with the agreed-upon dates from December 2023, contingent upon Ghana securing financing assurance from the Official Creditor Committee.

However, with the hope that a deal would have been reached by January 11, 2024, falling through, the meeting faced a setback.

The breakthrough came when Ghana and its bilateral creditors reached an agreement on Friday, January 12, 2024, clearing the path for the IMF Board to conduct the crucial review of Ghana’s program.

Looking ahead, if Ghana successfully meets all the set targets during this initial review, the Executive Board is poised to approve a significant $600 million as the second bailout package for the country.