On February 8, 2025, a delegation from the International Monetary Fund (IMF) is scheduled to land in Accra, Ghana, for important talks with government representatives.
Preparations for the 2025 Budget, which is expected to be presented in Parliament in March, and the status of the economy will be the main topics of the week-long visit.
The IMF team is anticipated to evaluate the government's efforts to manage the nation's energy sector debts and its progress in negotiations with foreign commercial creditors.
The team will also inquire about the government's strategy for addressing the country's energy issues, including discussions over the possible privatization of a portion of the Electricity Company of Ghana's (ECG) business.
Sources claim that this visit, which will focus on first discussions regarding the economy and the 2025 budget, is not a part of the official review mission.
Later this year, the IMF plans to evaluate Ghana's program for the fourth time using fiscal data through December 2024. The nation may get another payment from the IMF by June 2025 if it passes the evaluation.
Making sure the 2025 budget is in line with the IMF's program goals—specifically, increasing revenue mobilization and bringing the national debt down to manageable levels—will be a major topic of discussion.
According to sources, if Finance Minister Dr. Ato Forson moves on with eliminating taxes like the COVID-19 Levy, E-Levy, and Betting Tax, the IMF team would want to know how the government intends to bridge any possible income shortages.
If these taxes are eliminated, Ghana is predicted to lose almost GH¢10 billion a year. The government's intentions to reset the economy and their possible effects on the larger program will also be examined by the IMF mission.
In an attempt to win further funding for economic stabilization, Dr. Forson recently alluded to the government's plan to negotiate an extension of the IMF program.
The visit gives both sides a chance to continue talking about this idea. But the IMF has made it clear that any deal must be in line with the program's overarching goals.
Since joining the IMF program in May 2023, Ghana has benefited from financial assistance totaling about $1.9 billion.
Following the third review, Ghana's performance was praised by the IMF, which described it as "generally satisfactory" with notable advancements in debt restructuring.
The IMF noted in a statement that "economic growth in the first half of 2024 exceeded expectations, inflation has continued to decline, and the fiscal and external positions have shown marked improvements."
Ghana and the IMF continue to work together to stabilize the nation's economy and guarantee sustainable growth, as our future engagement highlights.
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