Dr. Cassiel Ato Forson<\/p>\n
The government met only three out of eleven structural benchmarks (SB) of the International Monetary Fund due between January and May 2025.<\/p>\n
According to the IMF Country Report on Ghana, some missed structural benchmarks were implemented with delay.<\/p>\n
It, however, indicated that strong actions have been taken in recent months to address delays in the structural reforms.<\/p>\n
It mentioned that the quarterly electricity tariff adjustments (quarterly SB starting from end-January 2025) resumed only in April 2025 due to delays in appointing a new board of the energy sector regulator (PURC), while the publication of the audit of Electricity Company of Ghana (ECG)\u2019s collections and uses (end-January 2025 SB) was achieved in February 2025 and covered a longer period than mandated by program conditionality.<\/p>\n
\u201cThe full integration of Ghana Electronic Procurement System (GHANEPS) with GIFMIS, an end-December 2024 structural benchmark, was achieved in May 2025 (prior action). The authorities completed the forward-looking overarching restructuring plan for NIB in May (prior action) and the government has recapitalised NIB to ensure a non-negative Capital Adequacy Ratio (CAR) (prior action)\u2014and to fully comply with the minimum CAR of 13.0% (without forbearance), ahead of the end-2025 timeline\u201d, it continued.<\/p>\n
Against this backdrop, the authorities have implemented\u2014ahead of schedule\u2014two end-September 2025 SBs: amending the fiscal responsibility framework and adopting a strategy to restructure Ghana\u2019s electricity company\u2014 including opening operations to private sector participation\u201d, the Fund stressd.<\/p>\n
Meanwhile the Fund, said all end-December 2024 performance criteria (PCs) and most indicative targets (ITs) were met, except for the IT on accumulation of net payables.<\/p>\n
\u201cThe latter was missed by 3.9% of Gross Domestic Product, reflecting the large accumulation of payables from MDAs outside Ghana\u2019s public integrated financial management information system (GIFMIS) ahead of the elections\u201d.<\/p>\n
Since then, it pointed out that bold corrective measures have been adopted to strengthen spending commitment controls and compliance with the Public Financial Management Act.<\/p>\n
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