| ACCRA, Sept 2
ACCRA, Sept 2 Ghana has made progress after
talks with the International Monetary Fund (IMF) and the West
African commodities exporter could receive the next disbursement
under its $918 million aid deal next month, three sources close
to the talks told Reuters on Friday.
The IMF staff evaluation mission, led by Joel
Toujas-Bernate, is leaving the capital Accra broadly satisfied
that Ghana remains on track with agreed fiscal and institutional
reforms aimed at restoring economic stability by the end of the
three-year programme, they said.
However, some fiscal data need to be agreed, one source
said, adding that negotiations would continue.
"The IMF team raised some concerns about Ghana's fiscals and
impressed upon the government to do more to keep the numbers on
track," it said, declining to give details.
"Broadly, there is progress and each side is satisfied. We
believe this clears the way for the (IMF Executive) Board to
conclude the third review successfully," another source told
Ghana, the world's second largest cocoa producer, which also
exports gold and oil, signed an Extended Credit Facility deal
with the IMF in April last year to bring down deficits, public
debt and inflation.
This week's staff assessment mission was called to discuss
updates of macroeconomic projections and firm up the fiscal
outlook for the rest of 2016 after Ghana's parliament passed a
law allowing central bank financing of the deficit, contrary to
Once source said Finance Minister Seth Terkper had
demonstrated a commitment to maintaining zero financing as
required under the IMF deal.
The meeting also discussed Ghana's public debt and debts
owed by state enterprises, "and the Fund is fairly assured that
the government was taking the right steps to resolve them", one
The IMF executive board is expected to meet later this month
to conclude Ghana's third review which started in May. The
sources said it is likely to approve a fourth disbursement of
around $115 million to the country.
(Reporting by Kwasi Kpodo; Editing by Emma Farge and Jon Boyle)