The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has embarked on her inaugural official visit to Ghana as part of the first leg of her formal engagement with government officials. During her visit, Georgieva will be engaging in a series of meetings with President Nana Addo Dankwa Akufo-Addo, Vice President Dr. Mahamudu Bawumia, Finance Minister Dr. Mohammed Amin Adam, and Bank of Ghana Governor Dr. Ernest Addison. Additionally, she will hold discussions with representatives from various interest groups to discuss the future direction of Ghana’s three-year US$ 3 billion extended credit facility with the IMF.
Accompanying Georgieva on her visit are high-level IMF officials, including Mission Chief for Ghana Stephane Roudet and Director of the Africa Department Abebe Selassie, among others. A key highlight of the visit is a conference on Artificial Intelligence (AI) scheduled for Monday, March 18, 2024, in collaboration with the Ministry of Finance. The conference, themed AI as a catalyst to transform economies in sub-Saharan Africa, underscores the growing importance of technology in shaping economic development in the region.
Earlier in January, the IMF disbursed the second tranche of US$600 million to Ghana, bringing the total amount received to US$1.2 billion out of the approved US$3 billion credit facility. The IMF commended Ghana for its strong performance under the program, with significant progress made in implementing reforms and achieving economic stabilization. This positive assessment was reinforced by Ghana’s successful adherence to all quantitative performance criteria and most indicative targets and structural benchmarks.
Looking ahead, Ghana is set to undergo its next IMF program review in June 2024, which will pave the way for the disbursement of the third tranche of approximately US$360 million. The IMF reiterated its commitment to supporting Ghana in its reform efforts and debt relief initiatives to address economic challenges effectively. By continuing to implement sound policies and build on its achievements, Ghana is poised to strengthen its economic resilience and drive sustainable development across the country.
