IMF boss to meet Akufo-Addo, other gov’t officials as first formal visit begins

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has begun her first official visit to Ghana.

Kristalina Georgieva’s visit will see her holding series of meetings with President Nana Addo Dankwa Akufo-Addo and his vice, Dr. Mahamudu Bawumia, the Finance Minister, Dr. Mohammed Amin Adam and Bank of Ghana Governor, Dr. Ernest Addison alongside some representatives from some interest groups on the way forward for Ghana’s three-year US$ 3 billion extended credit facility with the Fund.

The IMF boss is in the company of Mission Chief for Ghana, Stephane Roudet, Director of the Africa Department, Abebe Selassie and other staff from the Fund.

On Monday, March 18, 2024, Kristalina Georgieva will host a conference on Artificial Intelligence (AI).

It is in collaboration with the Ministry of Finance. The conference is themed, “AI as a catalyst to transform economies in sub-saharan Africa”.

In January 2024, the Bank of Ghana acknowledged receipt of US$600 million as the second tranche for budget support and stabilization of the local currency, bringing the total to US$ 1.2 billion out of the $3 billion approved under the three-year extended credit facility in May 2022.

The IMF has stated that Ghana is performing well under the programme, with reforms bearing fruit and signs of economic stabilization emerging.

It highlighted that Ghana’s performance under the programme has been strong with all quantitative performance criteria and almost all indicative targets and structural benchmarks being met.

“Ghana’s programme is being implemented effectively. We just went to the board recently with the first programme review following, of course, the policies that the government has been putting in place to address the huge imbalances Ghana was facing through last year.

“And of course, the official creditors are signaling that they will provide debt relief, consistent with what Ghana needs. So, we just went to the Board a couple of weeks ago. We look forward to continuing to support Ghana, consistent with program implementation,” Abebe Selassie said at a press conference in Washington DC.

Ghana’s next IMF programme review is scheduled for June 2024 for the third tranche of approximately US$ 360 million.