Investor Presentaiton
Ghana On-Track with Key IMF Programme Targets
April 2015
Target
April 2015
Actual
Criteria Met
1st Review
Aug 2015
Revised
Aug 2015
Actual
Criteria Met
2nd Review
Dec 2015
Revised
Quantitative Criteria
Primary Fiscal Balance
(544)
46
Criteria met
(380)
237
Criteria met
(422)
(floor, Cedi mn)
Wage Bill
3,413
3,341
Criteria met
6,857
6,815
Criteria met
10,286
(ceiling, mn cedi)
Net International Reserves of BoG
1,042
1,186
Criteria met
147
566
Criteria met
2,278
(floor, USD, mn)1
Net Domestic Assets of BoG
5,755
5,561
Criteria met
8,772
7,846
Criteria met
3,410
(ceiling, Cedi mn)²
Net Change in Stock of Arrears
(424)
(565)
Criteria ceiling raised
(ceiling, Cedi mn)
(1,001)
(1,525)
Criteria met
(1,561)
Continuous Performance Criteria
Gross Govt. Financing by BoG
Missed
14,614
14,873
15,814
15,017
Criteria met
15,814
(ceiling, Cedi mn)
New external non-concessional debt
0
0
(ceiling, USD mn)
by small margin
Criteria met
& ceiling raised
1,000
150
Criteria met
2,500
Indicative Target
Program central inflation target
(12mth % change)
Social Protection
(floor, Cedi mn)
15.4
16.8
Efforts in progress
15.0
17.3
Efforts in Progress
19.6
388
252
Efforts in progress
954
Criteria Met
1,294
Following approval of the IMF Programme in Q2 2015, Ghana received USD114.17mn
Following 3 consecutive successful reviews and the achievement of virtually all targets set,
Ghana has now received a total of US$343.7 million in disbursements
The remaining 6 disbursements for 2016/17 are expected to be made according to schedule;
following Ghana's observance of Programme performance criteria and completion of reviews
Notes: (1) Programme definition excludes foreign currency deposits in Bank of Ghana (BOG)
(2) The programme computes net domestic assets using the exchange rate of GHS3.40: US$1.00
Source: IMF, Shortened list of performance criteria, January 2016
☐
IMF commended Ghana for the broadly
satisfactory program implementation so far
IMF pointed out that the fiscal performance in
particular has been encouraging
IMF welcomed Ghana's medium term debt
management strategy
Ghanaian Authorities not complacent and
now more resolute to see through
structural reforms
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