An International Monetary Fund (IMF) team is expected in Accra Ghana this weekend, February 8, 2025, to hold crucial discussions with the government.
The discussions will center on the economy and the 2025 Budget, which sources say will be presented in Parliament in March 2025.
Other issues on the agenda during the five-day visit and meetings will be an assessment of progress made by the government on negotiations with External Commercial Creditors and the Energy Sector debts.
In addition, the IMF would seek some clarity on the government’s plans to deal with the country’s energy situation and talk about privatizing parts of the Electricity Company of Ghana’s (ECG) operations.
The visit is not a Review Mission, but an engagement that will focus mainly on the economy and the 2025 Budget.
The IMF is expected to carry out the fourth review of Ghana’s program later this year.
The review will be based on fiscal data on the economy ending December 2024.
If Ghana passes the test, the IMF will release another tranche of cash to the Bank of Ghana around June this year.
2025 Budget and discussions on the economy
As part of the assessment, the IMF will ensure that the 2025 Budget is in line with the Fund’s program with Ghana, particularly to improve revenue mobilization.
Ghana’s program with the IMF is centered on revenue mobilization and reducing the country’s debt stock to sustainable levels.
Sources say the team will for instance seek clarity on the government’s plans to fill the revenue hole that will be created, if the Finance Minister, Dr. Ato Forson goes ahead to remove taxes like the Betting Tax, Covid-19 Levy, and the E-Levy.
It is estimated that Ghana could lose about 10 billion cedis every year if the Finance Minister goes ahead to remove the taxes.
Also, the team will seek more answers on plans to reset the economy and its impact on the overall program.
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