Government will exit IMF programme by end of 2018 – Ken Ofori-Atta

Finance Minister has assured the successful completion of the Extended Credit Facility(ECF) arrangement with the International Monetary Fund(IMF) by the end of 2018.

Presenting the mid-year Budget review to parliament on Thursday, July, 19 2018, the Finance minister said the country is done with the fifth and Sixth reviews and is in track to conclude the exiting of Ghana’s three-year arrangement with the Fund.

“Mr. Speaker in 2018 Budget we signaled government’s commitment to successfully conclude the exiting of the IMF ECF programme at the end of 2018. Mr. Speaker I’m glad to inform you that we are on course to completing the programme successfully. Ghana as a fund-member country, will continue to enjoy the fund technical assistance.”

On April 30, 2018 the Executive Board of the International Monetary Fund (IMF) completed the fifth and sixth reviews of Ghana’s economic performance under the program supported by an Extended Credit Facility (ECF) arrangement.Completion of the reviews enables the disbursement of SDR 132.84 million (about US$191 million), bringing total disbursements under the arrangement to SDR 531.36 million (about US$764.1 million).

During the review, adjustments were made to the program to ensure that it remains on track and to enhance its prospects of success. In this context, the Executive Board also granted waivers, including for deviations in a few program targets.

Ghana’s three-year arrangement was approved on April 3, 2015 for SDR 664.20 million (about US$955.2 million or 180 percent of quota at the time of approval of the arrangement).

It’s aimed at restoring debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.