The International Monetary Fund (IMF) has placed Ghana on a Post Program Monitoring after the country’s debt levels with the Fund reached over $1 billion.
Ghana’s policies are still under the Fund’s scrutiny despite getting a bailout in April 2019.
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As part of its safeguard architecture, the Fund usually subjects countries that have completed its lending program to a Post-Program Monitoring (PPM).
PPM is generally expected for all member countries that have substantial IMF credit outstanding following the expiration of their programs.
This is aimed at identifying risks and to advise member countries on policy actions to correct macroeconomic imbalances.
Ghana’s debt level with the Fund has so far crossed the GH¢400 million mark, hence the PPM to ensure that the debt repayments are not affected.
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The country recently received $925.9 million from the IMF, spread over 4 years, after its program with the Fund ended in April.
Under PPM, countries undertake more frequent formal consultations with the IMF than is the case under the IMF’s normal surveillance.
Here, the focus is on macroeconomic and structural policies and risks that have implications for the country’s external viability and capacity to repay the IMF.
Ghana will continue to be placed under PPM for the next 12 months until the outstanding credits fall below the threshold.
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