Although there are indicators that Ghana’s economy is stabilizing, there are still problems.
The Ghanaian economy is exhibiting signs of stabilization, according to the International Monetary Fund (IMF), who has expressed confidence in it.
The IMF did acknowledge that there are still issues that need to be resolved.
IMF staff team head Stéphane Roudet noted that the inflation rate has moderated, foreign reserves have grown, and the exchange rate has become less volatile in a statement following a recent trip to Ghana.
He added that the government has made strides in fulfilling crucial obligations related to the program financed by the Fund.
Roudet did point out that there are still issues that need to be resolved, such as the high unemployment rate, the substantial informal sector, and the inadequate infrastructure. He stated that in order to overcome these difficulties, the administration must keep enacting reforms.
“We talked about recent macroeconomic developments throughout the visit. The Ghanaian economy is showing signs of stabilization against a complicated global economic background, with softening inflation, an increase in international reserves, and a less volatile exchange rate, Mr. Roudet added.
We also evaluated the authorities’ progress in fulfilling significant obligations under the program financed by the Fund. These will be formally evaluated as part of the Extended Credit Facility agreement’s initial review, which is anticipated to take place in the fall. We highlighted that prompt restructuring agreements with creditors are necessary to secure the anticipated benefits of the Fund-supported program while discussing the status of the debt restructuring activities. economy
“Staff from the International Monetary Fund (IMF) met with H.E. President Akufo Addo, H.E. Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, as well as their teams, as well as representatives from various government agencies, the Parliament’s Finance Committee, the private sector, and civil society. The Ghanaian government and other stakeholders have our staff’s sincere gratitude for their positive participation and assistance during this trip.
The Ghanaian government applauded the IMF’s remarks. According to Finance Minister Ken Ofori-Atta, the government is dedicated to carrying out measures to strengthen the economy.
The $3 billion loan agreement for Ghana was approved in May, and the IMF visit was a regular engagement under that arrangement.
In accordance with the Common Framework initiative of the Group of 20, Ghana is attempting to restructure $20 billion of its approximately $30 billion external debt.
In September, there will be the first official evaluation of the program.
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