Economist and lecturer at the University of Ghana, Professor Patrick Asuming, says Ghana stands a good chance of securing waivers from the International Monetary Fund (IMF) on some missed performance targets under the fourth review of the country’s Extended Credit Facility (ECF) programme.
He said although Ghana has fallen short on key indicators such as inflation, fiscal deficit, and some structural benchmarks, the government’s visible commitment to fiscal discipline could prompt the IMF to show flexibility.
“We definitely missed some targets, no question about that. The period for this ends on December 31, and we fell short on inflation and deficit targets, along with some structural benchmarks,” he said.
He added that as a new government, the IMF may be willing to grant some flexibility. The administration appears committed to fiscal discipline, and I’ve seen they have passed the Public Financial Management Act.
Currently, Ghana is in the second day of discussions with the IMF under the fourth review of the ECF programme.
The outcome of the talks will be pivotal for the country’s economic recovery efforts.
Hence, securing waivers would help reduce pressure on meeting program benchmarks, especially as the economy continues to face significant headwinds.
Professor Asuming also stressed the importance of transparency in government dealings with the IMF, particularly on sensitive areas such as Value Added Tax (VAT) reforms.
He urged authorities to engage stakeholders, including the academic and business communities.
He said: “we don’t want a situation where they reach an agreement with the IMF without Ghanaian academia and the business community being fully informed.”
