IMF lauds Ghana for transparency and discipline in securing stronger economy
The International Monetary Fund has shown its satisfaction with Ghana’s commitment to ensuring a full economic recovery. The global lender applauded the country’s administration, its central bank, and its ministry of finance for its push to secure a stronger economy with no scandals attached. The bank was particularly impressed with Ghana’s financial transparency.
Ken Ofori-Atta, Ghana’s Finance Minister presenting the 2024 Budget in the Chamber of Parliament.
IMF commends Ghana for economic commitment, transparency, and anti-corruption efforts.
Ghana’s $5.4 billion debt restructuring earns IMF approval, unlocking access to $600 million in relief.
According to a report by Ghanaian news site MyJoyOnline, the International Monetary Fund has commended Ghana for its dedication to building good governance, boosting transparency, and lowering corruption risks through the Fund’s funded initiative.
An example of this is Ghana’s request from the IMF to help in providing technical assistance in conducting an in-depth Governance and Corruption Diagnostic Assessment; this activity is still ongoing.
“It will be used as input into the ongoing efforts to update the National Anticorruption Action Plan. One specific area where the authorities have committed to strengthening the existing framework is the asset declaration system for public officials. They endeavored to strengthen it by enacting a new Conduct of Public Officers Act”, it said.
In addition, it claimed that the Ghana Revenue Authority, with IMF technical help, is formulating a strategy to strengthen the professional standards of tax administration in Ghana.
The IMF also noted that the Gold Coast’s performance under the program has been note-worthy, in terms of meeting quantitative objectives, such as budgetary performance, and implementing structural reforms to strengthen the economy, guarantee long-term improvement in public finances, and lay the groundwork for stronger and more inclusive growth.
Ghana’s finance ministry recently disclosed that it succeeded in reaching an agreement with its official creditors to restructure $5.4 billion in debts. The agreement with its bilateral lenders, notably the Paris Club and China, is critical to securing new IMF funds, allowing Ghana to access an additional $600 million under its $3 billion relief package.
Last year, Ghana requested a $3 billion loan from the IMF to help curb its financial crisis. The Bank approved the loan in Q3 of the year. They reached a staff-level agreement regarding the initial review of a $3 billion loan program, which paved the way for a disbursement of $600 million.
