Government’s strong policy, reforms bearing fruit, showing signs of economic stabilisation – IMF

The International Monetary Fund (IMF) has pointed out that the government’s strong policy and reform efforts under the programme are bearing fruit, and signs of economic stabilisation are emerging.

According to the Fund, growth in 2023 was higher than anticipated, inflation has been declining rapidly, while the fiscal and external positions have improved, and exchange rate volatility has declined quite significantly.

Speaking at a press conference, Director of Communications, Julie Kozack, said the authorities (central government and Bank of Ghana) are making good progress on their comprehensive debt restructuring.

“The authorities strong policy and reform efforts under the program are bearing fruit, and signs of economic stabilization are emerging. Growth, for example, in 2023, was higher than anticipated, and the growth projections are being revised upward. Inflation has been declining rapidly, the fiscal and external positions have improved, and exchange rate volatility has declined quite significantly”.
“The authorities are making good progress on their comprehensive debt restructuring. The domestic debt exchange was completed last year, and on January 12th, the government reached agreement in principle with its official bilateral creditors. Ghana is also engaging with external private creditors to seek their support”, it explained

On April 13, the IMF staff and the Ghanaian authorities reached a staff-level agreement for the second review of the Fund-support programme.

The aim of the programme is to bring the review to the IMF’s Executive Board before the end of June 2024.