IMF team in Ghana for Article 4 consultation with gov’t

• Posted on April 11, 2017
• by Nana Kwesi Coomson
• Comment

The International Monetary Fund (IMF) mission team is in Ghana to assess the health of the economy as part of its Article 4 consultation.

The team will also possibly finalize talks with government on programme extension.

The assessment by the visiting team under the Fund’s Article 4 consultation surveillance is carried out on member countries.

The engagement which is done every year is to assess each country’s economic health and to forestall future financial problems.

The last time the IMF carried out such surveillance on Ghana was in 2014. 

This review by the Fund has become critical, following some new programs and measures the current administration is planning to introduce under the three-year program.

It is also critical to avoid any economic crises for countries like Ghana.

The mission will be in the country for about two weeks and will be led by the new Mission Chief for Ghana, Annalisa Fedelino, who took over from Joel Toujas-Bernate.

The team will also be seeking to finalize talks on possible programme extension from April 2018 to December 2018. 

The IMF country representative, Dr. Natalia Koliadina recently told JOYBUSINESS that government will have the final say on whether it wants an extension.

This is despite predictions by analysts that, Ghana may not be able to implement all the targets under the program by April 2018.

However, JOYBUSINESS, understands there are varied views by some officials in this administration on the program extension.

Sources say this mission would carry out some extensive negotiations with government. 

The IMF team will engage the Vice President, Finance Ministry, officials of the Bank of Ghana and Civil Society groups.

The team may also try to review Ghana’s performance under the IMF program so far, that is possibly a combination of Article  4 and 5, a development that will influence further disbursements to government.

-myjoyonline