International Monetary Fund, IMF has officially confirmed the extension of Ghana’s program by one more year.
A statement issued by the IMF and copied to JOYBUSINESS noted that “IMF executive board today completed the fourth review of the arrangement under the Extended Credit facility”.
This confirms earlier reports by JOYBUSINESS that the program could likely be completed in the first quarter of 2019.
The statement further added that completion of the fourth Extended Credit Facility review enables the disbursement of some $94 million,
This brings the total disbursement under the program to $565.2 million, with the remainder being tied to the remaining reviews.
The Board also approved Ghana’s request for waivers for non-observance of performance criteria and modification of one performance criterion.
Initial comment from sources close to government
Sources said the Ministry of Finance has been notified that the board meeting went well and they are happy to hear that “ all the hard work on both sides has paid off”, adding that “ this is further confirmation that this government is on the right path and they are committed to the program and to its completion.
Government is however silent for now on the one year extension.