IMF deal: Ghana achieved a Minimum Net International Reserve of US$988.2 million in 2023 — Finance Minister

Ghana met its target for Minimum Net International Reserves set under the IMF programme in 2023, according to Dr. Mohammed Amin Adam, Minister of Finance.

Delivering the Monthly Press Briefing on the Economy on Friday, May 24, Dr. Adam revealed that Ghana achieved a Minimum Net International Reserve of US$988.2 million at the end of 2023, meeting one of the quantitative performance criteria under the IMF-supported programme.

"At the end of 2023, we achieved the following targets under the Programme, subject to the approval of the IMF Executive Board: i. Minimum Net International Reserve (cumulative change) of US$988.2 million," said Dr. Adam.

This performance indicates that Ghana was able to sufficiently boost its foreign exchange reserves to the level agreed with the IMF.

The Minister said meeting this target testifies to Ghana making progress in restoring macroeconomic stability through the implementation of the economic recovery programme.

The Finance Minister highlighted that Ghana's reserves position has continued to improve this year.

As of February 2024, Gross International Reserves stood at US$6.2 billion, representing a 2.7 month import cover.

This is compared to US$5.9 billion recorded in the corresponding period of 2022.

According to Dr. Adam, total forecast disbursements of over US$2.3 billion before the end of 2024 from the IMF, World Bank and other partners will help add significantly to reserves and sustain the cedi's stability.

He reiterated government's commitment to continue implementing strong policies to maintain macroeconomic gains.