IMF Staff Team To Visit Ghana From 26 September To 7 October

An International Monetary Fund (IMF) staff team, led by Stéphane Roudet, mission chief for Ghana, will visit Accra from 26 September to 7 October to continue discussions with the Ghanaian authorities on policies and reforms that could be supported by an IMF lending arrangement.

IMF staff will also further engage with other stakeholders during the visit.

An International Monetary Fund (IMF) staff team led by Carlo Sdralevich visited Accra during 6 – 13 July, 2022, to assess the current economic situation and discuss the broad lines of the government’s Enhanced Domestic Program that could be supported by an IMF lending arrangement.

The IMF team met with Vice-President Bawumia, Finance Minister Ofori-Atta, and Governor Addison of the Bank of Ghana (BoG).

The team also met with the Parliament’s Finance Committee, civil society organizations, and development partners, including UNICEF and the World Bank to engage on social spending.

“Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment. The fiscal and debt situation has severely worsened following the COVID-19 pandemic. At the same time, investors’ concerns have triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs,” Sdralevich said in a statement.

BoG reschedules MPC meeting

Earlier, the BoG rescheduled its upcoming interest rate decision to 7 October from 26 September, to coincide with the end of an IMF mission to the country.

“The Bank of Ghana is rescheduling its 108th Monetary Policy Committee meeting to coincide with the end of the IMF mission to allow the decision on the policy rate to benefit from the broader discussions to be held during the period. A decision on the stance of monetary policy will be announced on 7 October 2022,” the BoG said in a statement.