An IMF mission is billed to visit Ghana this week for a third review of the 918 million fund programme signed with the West African country.
The Bretton Woods Institution has injected into the Ghanaian economy two tranches, scheduled to be part of the 918 million dollar contract signed to prop up Ghana’s fiscal challenges.
Madam Antoinette Sayeh, who disclosed the IMF mission advance visit in a press conference at Washington DC, USA; stated that the board is encouraged by Ghana’s effort to stick with the targets under the program to attain fiscal stability.
“We are encouraged by the fact that the government has made quite an effort to stick with the targets under the program and the fiscal is on track”, she said adding that “one of the objectives of the program in is to help the government contain and reduce debt through performance in increasing the primary fiscal balance.
“Ghana is making progress in that regard. Of course, people see the fact of the financing last year that was done in the form of the sovereign bond issue and the expense of that is something that undermines debt sustainability,” she pointed out.
In a bid to restoring macroeconomic imbalances and bolster investor confidence, which dipped on the heels of rising inflation, sinking local currency and the increasing public debt, Ghana turned to the IMF for a bailout, binding itself to stringent conditions.
The IMF programme was activated in April 2015, after fiscal instability triggered a 12% over-expenditure in the 2013.
