JOYBUSINESS understand that Ghana’s program with the International Monetary Fund (IMF) is likely to be extended by eight months.
The-three-year program which begun in April 2015 was expected to end by March 2018 but challenges in meeting program targets have forced the scheduled reviews to be pushed back, a development that would affect completion date for the program.
Sources say an extension is automatic and does not leave government with the option of rejecting it.
Chair of Parliament’s Finance Committee, Dr. Mark Assibey Yeboah, who also confirmed this to JOYBUSINESS, however, maintains this might be good for the economy.
JOYBUSINESS is learning that planned 4th and 5th reviews to assess government’s performance under the program which should take place in April have been put on hold for now.
Sources attribute this to current discussions with the Fund on the GHC7 billion undisclosed arrears.
Another critical engagement is Article 4 consultations, which is a surveillance assessment by the Fund to test the health of the economy has also delayed.
For some analysts, this gives credence to the program to be extended. But Senior Minister, Yaw Osafo Maafo says they are looking at the options available to them when it comes to this program extension with the IMF.
He has, however, described recent engagement with the IMF as fruitful, saying that the FUND, has bought into most of its policies and are willing to work with government to stabilize the economy.