Starting today, February 10, 2025, an International Monetary Fund (IMF) team will begin a series of economic engagements with governments.
The discussions will center on the economy and the 2025 Budget, which sources believe will be submitted to Parliament in March 2025.
Other subjects on the agenda for the five-day visit and discussions will include a review of the government's progress in negotiations with External Commercial Creditors and the Energy Sector debts.
Furthermore, the IMF will seek clarification on the government's intentions to address the country's energy crisis, including discussions about privatizing elements of the Electricity Company of Ghana (ECG) operations.
Meanwhile, the Ministry of Finance has issued a statement outlining specific activities for the meetings.
According to JOY BUSINESS, the visit is not a review mission, but rather an interaction centered on the economy and the 2025 budget.
The evaluation will be based on fiscal statistics for the economy ending in December 2024.
2025 Budget and Economic Discussions
As part of the evaluation, the IMF will verify that the 2025 Budget aligns with the Fund's programme with Ghana, notably in terms of revenue collection.
Ghana's IMF program focuses on income mobilization and decreasing the country's debt load to sustainable levels.
Ghana might lose around 10 billion cedis each year if the Finance Minister removes the levies.
In addition, the team will seek further information on plans to reset the economy and how this would affect the entire agenda.
program extension and extra assistance from the IMF
Dr. Forson has stated that he intends to press for an extension of the project in order to secure extra cash to assist stabilize the economy.
The visit will thus provide a chance for both the government and the IMF to finish negotiations on this idea.
The IMF has emphasized that, while it is open to discussions aimed at revising the programme, any agreement achieved must be consistent with the program's overall objectives.
Ghana's programme with the IMF
Ghana has received around US$1.9 billion in economic support since joining the IMF programme in May 2023.
Following Ghana's third assessment, the IMF rated the programme's performance as generally excellent, with notable progress on debt restructuring.
"Economic growth in the first half of 2024 exceeded expectations, inflation has continued to decline, and the fiscal and external positions have showed marked improvements" , according to the release.
Source: Joy News
Post a Comment