IMF Chief, Kristalina Georgieva embarks on first official visit to Ghana

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has initiated her inaugural official visit to Ghana, signifying a pivotal moment for discussions on the country's economic trajectory.

During her visit, Georgieva will engage in a series of high-level meetings with President Nana Addo Dankwa Akufo-Addo, Vice President Dr. Mahamudu Bawumia, Finance Minister Dr. Mohammed Amin Adam, and Bank of Ghana Governor Dr. Ernest Addison.

These discussions aim to chart the course forward for Ghana's three-year US$3 billion extended credit facility with the IMF.

Accompanying Georgieva are key IMF officials, including Mission Chief for Ghana, Stephane Roudet, and Director of the Africa Department, Abebe Selassie, among others.

A highlight of the visit is a conference on Artificial Intelligence (AI), scheduled for Monday, March 18, 2024. In collaboration with the Ministry of Finance, the conference will delve into the theme, "AI as a catalyst to transform economies in sub-Saharan Africa."

The visit comes on the heels of Ghana's receipt of US$600 million as the second tranche for budget support and currency stabilization, bringing the total disbursement to US$1.2 billion out of the approved US$3 billion under the extended credit facility, sanctioned in May 2022.

Praising Ghana's strides under the program, the IMF noted the efficacy of reforms and the emergence of signs of economic stabilization. The country's robust performance, meeting all quantitative performance criteria and nearly all indicative targets and structural benchmarks, underscores the effectiveness of program implementation.

Speaking at a press conference in Washington DC, Abebe Selassie highlighted Ghana's effective program implementation, signaling ongoing IMF support consistent with Ghana's policy measures to address previous economic imbalances. The IMF anticipates the next program review in June 2024, expected to unlock the third tranche of approximately US$360 million.

The visit signifies a crucial phase in Ghana's economic partnership with the IMF, reflecting mutual commitment to sustainable economic growth and stability.