Collaborative efforts with IMF will drive sustainable growth in Ghana – Amin Adam

Finance Minister Dr. Mohammed Amin Adam has expressed confidence in fostering a closer partnership with the International Monetary Fund (IMF) to bolster Ghana’s economic resilience and expedite sustainable and inclusive growth.

According to Amin Adam, this collaboration with the IMF will pave the way for a more prosperous future for all Ghanaians.

Dr. Adam’s remarks come in light of the recent visit of the Managing Director of the IMF, Kristalina Georgieva, to Ghana. The arrival of Georgieva signifies a significant opportunity for dialogue and cooperation between Ghana and the IMF.

Taking to his social media platform this morning, Finance Minister Dr. Adam expressed his anticipation for bilateral discussions and reinforced collaboration aimed at enhancing Ghana’s economic resilience and propelling sustainable and inclusive growth. He reiterated his commitment to securing a brighter future for the people of Ghana through these concerted efforts.

“Looking forward to stronger collaboration towards building Ghana’s economic resilience, accelerating sustainable & inclusive growth, and ensuring a more prosperous future for all Ghanaians.”

During her visit, Kristalina Georgieva is scheduled to engage in bilateral talks with key figures including President Akufo-Addo, Vice President Dr. Mahamudu Bawumia, Finance Minister Mohammed Amin Adam, Bank of Ghana Governor Dr. Ernest Addison, and other senior officials from the Ministry of Finance and the Bank of Ghana.

The IMF boss is in the company of the 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.

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