STORY: IMF reviews to unlock 360-mln-USD loan for Ghana
SHOOTING TIME: April 13, 2024/File
DATELINE: April 15, 2024
LENGTH: 00:03:06
LOCATION: Accra
CATEGORY: ECONOMY

SHOTLIST:
1. various of the IMF joint press briefing
2. SOUNDBITE 1 (English): STEPHANE ROUDET, IMF mission chief for Ghana
3. various the IMF joint press briefing
4. SOUNDBITE 2 (English): ERNEST ADDISON, Bank of Ghana Governor
5. various of the IMF joint press briefing
6. various of the Central Business District of Accra (file)

STORYLINE:

A staff review team of the International Monetary Fund (IMF) said on Saturday that the second review of Ghana's reform program would unlock 360 million U.S. dollars for the West African country.
   
In a statement, the IMF said Ghana's performance under the program has been generally strong, with most quantitative targets met and key reforms implemented.
   
This positive outcome of the review, the statement said, would pave the way for the West African country to draw the scheduled 360 million dollars as the third tranche of disbursement under a 36-month Extended Credit Facility from the IMF.

SOUNDBITE 1 (English): STEPHANE ROUDET, IMF mission chief for Ghana"Performance under the (IMF-supported) program has been generally strong and consistent with the authorities' commitments. Most of the quantitative targets were met and good progress has also been made on key structural reform milestones under the program. Most importantly, the authorities' strong policies and reform efforts to restore macroeconomic stability and debt sustainability to lay the foundation for stronger and more inclusive growth are already generating positive results."
   
At a joint press briefing with the IMF staff review team and the Bank of Ghana in the Ghanaian capital of Accra on Saturday, Ghanaian Finance Minister Mohammed Amin Adam said he was optimistic that Ghana would secure a deal with all of its creditors in good time to ensure the success of the reforms.
   
Bank of Ghana Governor Ernest Addison pledged Ghana's resolve to continue to adhere to the terms of the IMF program to achieve the overall targets set in the deal.
   
SOUNDBITE 2 (English): ERNEST ADDISON, Bank of Ghana Governor"Inflation has dropped significantly from the peak of 54 percent at the end of 2022 to 23 percent in 2023. During the first quarter of this year, this progress has continued, although we have witnessed some slowdown in the face of disinflation. The expectation, however, is for the disinflation process to resume in the second quarter of 2024 and beyond, driven by continued maintenance of the tight monetary policy stands. Our expectation for end-year inflation of 15 plus or minus 2 percent remains unchanged."
   
Ghana has been leveraging a 3-billion-dollar IMF loan since last May to steer its economy out of turmoil, characterized by soaring inflation, swelling public debt, exchange rate volatility, and a high cost of living.

Xinhua News Agency correspondents reporting from Accra.
(XHTV)