Ghana economy: IMF checks to stay in place after bailout package

Ghana does not intend to completely sever its relations with the IMF. Finance Minister Ken Ofori-Atta said Ghana will continue to subject its public finances to International Monetary Fund surveillance despite the end of its rescue package with the IMF next April.

Accra will seek other forms of cooperation with the IMF, such as the policy support instrument programme, according to Ofori-Atta.

The country will thus commit itself to “close political dialogue” and to biannual assessments of economic and financial policies.

Ghana committed with the IMF in 2015 to an expanded credit facility program of nearly $1 billion, as a result of overspending and the depreciation of the cedi against the dollar.

Since coming to power last January, President Nana Akufo-Addo’s government has almost halved the budget deficit and introduced reforms to control spending and curb inflation.