Ghana’s third review under the International Monetary Fund program will come off in middle-September.
The Executive Board of the IMF should have met in July this year to assess the country’s performance under the Fund program, however, it was forced to push meeting to September.
The information was contained in a responds to an email sent by JOYBUSINESS to the Washington-based lender to inquire about the status of the Executive Board Meeting on Ghana’s third review.
The fund had then argued that the action was due to government ‘s inability to meet all the requirements under the Fund program, for the board to carry out the third review.
According to the Fund, “per the mission that was held April 27-May 11, IMF staff have reached a general understanding with the authorities on the main elements that would support the completion of the third review under the Extended Credit Facility (ECF)-supported program, including the prior actions to be implemented before the review can be completed.”
The Fund further added that although, authorities have continued work in few areas including, including a new Public Financial Management Law, an Amended Bank of Ghana Act, a strategy to address the debt of State Owned Enterprises, and reconciliation of fiscal accounts for 2015, the IMF staff can only finalize the required documentation for the Executive Board’s review “subject to above work being completed.”
According to the IMF, “following the expected implementation of the prior actions, including adoption by Parliament of the new Public Financial Management Law and Amended Bank of Ghana Act, as well as clarification on the financial situation of SOEs to ensure that there would be no financing shortfall for the public sector, the IMF Executive Board could consider the review during the next quarter of this year.”