IMF Shifts Board Meeting for Ghana’s Program Review to January 19

The International Monetary Fund (IMF) has rescheduled its Executive Board meeting, initially set for January 18, 2024, to assess and approve a $600 million disbursement for Ghana’s program. This adjustment, slated for January 19, 2024, is not indicative of any concerns regarding Ghana’s adherence to program benchmarks or issues with its arrangement with external creditors under the G20 Common Framework, according to sources familiar with Ghana’s program, as reported by Joy Business.

The delay is attributed to the Executive Directors of the Board requesting additional time to thoroughly examine the documents submitted by the IMF staff. Insiders reveal that the IMF Executive Board requires a minimum of three working days for the necessary scrutiny and “procedural review of Ghana’s program.” Holding the board meeting on January 18, 2024, was deemed insufficient to complete the required document review.

Background:

Originally, the IMF Executive Board was scheduled to convene on January 18, 2024, for the first review of Ghana’s program, as agreed upon in December 2023, contingent on Ghana securing financing assurance from the Official Creditor Committee. The Fund had anticipated a timely agreement to meet on January 11, 2024, but this timeline was not realized.

Following Ghana’s successful negotiation with bilateral creditors on January 12, 2024, the path is cleared for the IMF Board to conduct its review of Ghana’s program.

IMF Board Meeting and Next Steps:

Should Ghana meet all the targets outlined in the program during the first review meeting, the Executive Board is expected to approve a $600 million disbursement as the second bailout package for the country. Sources indicate that these funds should be transferred to the Bank of Ghana’s account within four working days.