By: Deborah Pofara Luu
An International Monetary Fund (IMF) team has arrived in Accra, Ghana, today, February 10, 2025, for a series of engagements with the government regarding the economy. Discussions will focus on the 2025 Budget, expected to be presented in Parliament in March, as well as the government’s progress on negotiations with External Commercial Creditors and the management of energy sector debts.
The IMF also seeks clarity on Ghana’s plans to address the energy situation, including potential privatization of the Electricity Company of Ghana’s (ECG) operations. According to sources, this visit is not a formal review mission but rather a preliminary engagement concerning the economy and the 2025 Budget.
The IMF is expected to conduct its fourth review of Ghana’s programme later in the year, using fiscal data from December 2024. If Ghana passes this review, it could receive another cash infusion from the IMF around June 2025.
A key part of the assessment will be ensuring the 2025 Budget aligns with the IMF’s objectives, particularly improving revenue mobilization and reducing national debt.
The team will seek clarification on the government’s plans to address potential revenue gaps if Finance Minister Dr. Ato Forson proceeds with removing taxes such as the COVID-19 Levy, E-Levy, and Betting Tax. It is estimated that Ghana could lose about GH¢10 billion annually if these taxes are scrapped.
Dr. Forson has also indicated the government’s intention to negotiate an extension of the IMF program to secure additional funds to stabilize the economy.
“The IMF will be in town on the 10th to the 14th of February for us to look at the budget preparation,” the Finance Minister said.
The IMF has stated that any agreement must align with the program’s broader objectives. Since May 2023, Ghana has received approximately $1.9 billion in financial support from the IMF.
