The Finance Minister, Dr. Mohammed Amin Adam, is set to deliver the 2024 Mid-Year Budget review on Tuesday, July 23rd.
He is expected to outline the government’s economic policy for the remainder of the financial year.
This was announced by the Member of Parliament for Nsawam-Adoagyiri, Frank Annoh Dompreh, on Friday, July 12.
Two weeks ago, the International Monetary Fund (IMF) announced the completion of the IMF Executive Board’s second review of Ghana’s US$3 billion, 36-month Extended Credit Facility (ECF) arrangement.
Approved in May 2023, this review was a critical checkpoint for the country.
Completing this review meant an immediate disbursement of roughly $360 million, bringing Ghana’s total disbursements under the arrangement to about $1.6 billion.
At a subsequent press conference, Dr Amin Adam indicated that Ghana’s economy demonstrates formidable signs of a comeback.
The International Monetary Fund (IMF) has given Ghana a positive thumbs-up after approving a disbursement of around $360 million following a successful review of the country’s economic reform programme.
This news comes after Ghana’s government implemented a series of measures to tackle the economic challenges faced in 2022. The IMF-backed programme focuses on restoring stability and reducing debt while laying the groundwork for future growth.
However, the IMF cautioned that maintaining the current pace of reforms is crucial. It said upcoming elections in December could pose a risk of policy slippages, so staying committed to fiscal consolidation remains essential.
In a press release, the IMF highlighted Ghana’s strong performance, stating that all key targets for the second program review were met. It said inflation, a major concern last year, has fallen significantly while the government’s fiscal position and external finances have improved.
However, it cautioned that although the medium-term outlook remains favourable, it is subject to downside risks, including those related to the upcoming general elections.
“Ghana’s economic reform program is delivering on its objectives,” the release said.