Ghana’s economy showing signs of recovery- IMF Staff Mission

The International Monetary Fund (IMF) has indicated that Ghana’s economy is showing signs of recovery after it secured the Fund-Supported programme approved on May 17, 2023.

This was captured in a statement issued by the IMF after its Staff Mission led by Stephane Roudet, visited Ghana from June 8 to June 15, 2023.

The visit, according to the IMF, was part of its regulator engagements with Ghanian authorities and other stakeholders.

Its Mission Chief, Stephane Roudet, in a statement noted that “the Ghanaian economy is showing signs of stabilisation, with softening inflation, an increase in international reserves, and a less volatile exchange rate.”

Mr Roudet noted that during their visit, the discussions focused on recent macroeconomic developments against a complex global economic backdrop.

The IMF was however quick to add that “timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported programme.”

Issues discussed during the visit

The IMF statement also added that discussions focused on recent economic developments and implementation of the Fund-supported programme approved on May 17, 2023.

It also stated that “the Fund took stock of the authorities’ progress in meeting key commitments under the Fund-supported programme.”

The IMF maintained that these discussions were done in the context of the first first review of the Extended Credit Facility arrangement, which is expected to be undertaken in the Autumn that is November 1 2023.

It added that in discussing progress on the debt restructuring operations “we reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported programme.”

Who did the IMF engage?

The IMF staff held meetings with President Akufo Addo, Vice President Dr Bawumia, Finance Minister Ken Ofori-Atta, and the Bank of Ghana Governor Dr Ernest Addison and their teams

The rest are representatives from various government agencies, the Parliament’s Finance Committee, the private sector, and civil society.

The Staff thanked the Ghanaian authorities and other stakeholders for their constructive engagement and support during this mission.

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