The Ministry of Finance has announced that the second review of the three-year, $3 billion IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG) is set to take place from April 2 to 12, 2024.
This follows the successful completion of the first review on January 19, 2024.
According to the Finance Ministry, the upcoming review will assess Ghana’s performance against the programme’s objectives, which include a range of Quantitative Performance Criteria and Structural Benchmarks.
“The 2nd Review of the 3-year, $3bn IMF Supported Post Covid-19 Programme for Economic Growth (PC-PEG) to be conducted by the IMF Staff has been scheduled for 2nd – 12th April 2024, following the successful completion of the 1st Review of the Programme on 19th Jan 2024,” the ministry stated.
The ministry also added that the approval of the second review will trigger the release of the third tranche of the $360m external credit facility.
“The test date for the 2nd Review is Dec 2023. The approval of the 2nd Review by the IMF Executive Board, possibly in June 2024, will trigger the release of the 3rd tranche of $360m, bringing the total disbursements so far under the programme to $1.56 billion. The 2nd Review will be the first of the two semi-annual reviews programmed for 2024. The 3rd Review has been programmed for Nov 2024.
“The Ministry of Finance is working with the BoG in preparation for the IMF 2nd Review Mission. Preliminary assessment undertaken by MoF and BoG shows that we are on course to meet most of the targets under the Programme,” the ministry stated.
In a related development, the Finance Minister, Dr Mohammed Amin Adam, has announced that Ghana is making significant progress towards achieving the targets outlined in the 3-year, US$3bn IMF Supported Post Covid-19 Programme for Economic Growth (PC-PEG).
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During his first monthly press briefing on the economy in 2024, held on Tuesday, Dr Amin Adam disclosed, “The Ministry of Finance is working with the BoG in preparation for the IMF 2nd Review Mission. Preliminary assessment undertaken by MoF and BoG shows that we are on course to meet most of the targets under the Programme.”
Dr Amin Adam also pointed out that the Ministry is collaborating with the Bank of Ghana (BoG) to prepare for the International Monetary Fund’s (IMF) second review mission, which is scheduled for April 2 to 12 following the successful completion of the 1st Review of the Programme on 19th Jan 2024.
“During the 2nd Review, the IMF mission will engage the authorities in technical and policy discussions to enable them to assess Ghana’s performance on programme objectives, the 6 Quantitative Performance Criteria (QPCs), the 3 Indicative Targets (ITs), 1 Monetary Policy Consultation Clause (MPCC), and the Structural Benchmarks (SBs) with respect to end Dec 2023 targets. They will also review performance towards upcoming QPCs, ITs, and SBs,” he added.
The finance minister emphasised that the approval of the 2nd Review by the IMF Executive Board, potentially in June 2024, will trigger the release of the 3rd tranche of US$360 million, increasing the total disbursements under the programme to US$1.56 billion.
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“The 2nd Review will be the first of the two semi-annual reviews programmed for 2024. The 3rd Review has been programmed for Nov 2024,” he added