The government’s meeting with the International Monetary Fund (IMF) has entered its second day, focusing on Ghana’s progress under the IMF-supported programme and the policy direction for the 2025 Budget.
According to a statement issued in Accra, key areas of discussion include revenue administration reforms, energy sector reforms, expenditure rationalisation, and monetary and exchange rate policy. The Bank of Ghana, Ghana Revenue Authority, the Controller and Accountant General’s Department, and other relevant institutions are participating in the discussions.
Sources close to The High Street Journal suggest that the government may push for an enhanced programme to tackle the current challenges, while there is the possibility of new figures being revealed that could highlight a more critical situation than previously thought.
Ghana initially turned to the IMF in 2022 after its debt reached unsustainable levels, leading to a default and subsequent restructuring of domestic and international debt. The Mahama administration, which inherited the IMF programme, aims to secure the Fund’s backing to eliminate unpopular taxes, such as the Covid-19 levy, e-levy, and betting tax, which together account for just under 5% of total tax revenue. The government must propose alternative revenue sources if these taxes are removed.
The IMF team, led by Mission Chief Stephane Roudet, will be in Ghana until February 14 and is expected to release a statement on the outcome of the meetings.
