The International Monetary Fund (IMF) says Ghana has performed satisfactorily as regards the implementation of its three-year extended credit facility. It said so far all criteria up till August, 2015 have been met after the programme took off in April.
This was made known on Thursday, November 5 after a team from the Fund completed a second review of Ghana’s programme. The review began on October 21 and it saw meetings with President John Dramani Mahama, Finance Minister Seth Terkper, Central Bank Governor Henry Wampah, National Development Planning Commission Chairman Dr Kwesi Bothchway and other senior officials.
Speaking at the end of review, Joël Toujas-Bernaté, IMF’s team leader, noted that despite a difficult global economic environment, the West African nation performed well.
“The authorities have also made progress in implementing fiscal structural reforms, albeit at a slower pace than expected in some areas,” Mr Toujas-Bernaté said.
“The mission welcomes the steps taken by the government in addressing payroll irregularities and advancing public financial management reform.”
He indicated that inputs have already been made into the 2016 budget statement.
There will be a strengthening of the programme next year, he hinted.
“The budget will also face additional spending needs from the (one-off) costs related to next year’s elections and a nominal wage bill increase now projected to be slightly higher than envisaged under the program, while earmarking of revenues for statutory funds continues to reduce budgetary flexibility.”
The Executive Board of the IMF is expected to consider the report of the review for approval at the end of the year.
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