An IMF team is set to visit Ghana starting February 8, 2025, to discuss the economy and the 2025 Budget, with a focus on debt negotiations and energy sector reforms. The engagement aims to align the budget with IMF standards on revenue and debt sustainability, crucial for future financial support.
An International Monetary Fund (IMF) team will arrive in Accra on February 8, 2025, to engage in significant discussions with the Ghanaian government concerning economic matters and the upcoming 2025 Budget, set to be shared in Parliament in March. This five-day visit will also assess the government’s progress in negotiations with External Commercial Creditors and the energy sector’s debts.
During the engagement, the IMF is particularly interested in understanding the government’s strategies for addressing the country’s energy challenges and may discuss the potential privatisation of sections of the Electricity Company of Ghana (ECG). This visit, reported by JoyBusiness, is not classified as a Review Mission but will focus primarily on economic discussions and the 2025 Budget.
Later this year, the IMF will conduct the fourth review of Ghana’s program based on the fiscal data from December 2024. If Ghana meets the required conditions during this assessment, the IMF could release another cash tranche to the Bank of Ghana in June. The IMF’s involvement is focused on ensuring that the proposed 2025 budget aligns with its program, emphasizing necessary revenue mobilisation.
Ghana’s program with the IMF aims to enhance revenue collection and achieve sustainable debt levels for the country. The outcomes of this ongoing collaboration are critical to stabilizing the national economy and securing future financial support from the IMF.
The International Monetary Fund (IMF) plays a pivotal role in supporting countries in economic distress through financial assistance, policy advice, and technical assistance. Ghana enters into a program with the IMF to facilitate economic recovery by focusing on revenue mobilisation and managing public debt effectively. Regular assessments, like the upcoming discussions, are crucial for ensuring compliance with the agreed economic strategies.
The upcoming visit by the IMF team to Ghana is a vital step in addressing the country’s economic situation, specifically focusing on the 2025 Budget and ongoing negotiations with external creditors. Their engagement is expected to clarify the government’s plans for energy sector reforms and ensure that fiscal objectives align with IMF guidelines. Success in these discussions could lead to additional financial support from the IMF, underscoring the importance of this collaboration for Ghana’s economic recovery.
Original Source: www.ghanaweb.com
