‘Ghana economic recovery efforts  bearing fruit’

Policies and reforms implemented by Ghana in 2023 are beginning to have positive effects on its economy, as stated in a recent press conference by the International Monetary Fund (IMF). 

During the briefing, the IMF Director of Communications noted that signs of economic stabilisation are emerging in the West African country. 

She also noted that the government needs to keep on track with its efforts for sustainable growth.

When asked about the IMF’s second review of the US$3 billion loan, during a press briefing spearheaded by the IMF’s Director of Communications, Julie Kozack, the director noted that given the completion of the first review, Ghana is on track to a full-on economic recovery, particularly if it continues to uphold the strong policies and reforms it has put in place.

She said: “Our Executive Board, just a few weeks ago on January 19th, completed the first review of Ghana’s IMF-supported program, and that gave the country access to an additional 600 million US Dollars, bringing total disbursements under the program to US$1,2 billion.”

She then went on to applaud the Ghanaian government on the policies it implemented last year under the programme.

“The authorities’ strong policy and reform efforts under the program are starting to bear fruit. Signs of economic stabilisation are emerging. 

Growth in 2023 proved to be more resilient than initially expected, and although volatile inflation has been declining rapidly, the fiscal and external positions have improved, and exchange rate volatility has declined in the country,” Julia Kozack stated. – Business Insider Africa

“Looking ahead, steadfast policy and reform implementation will be needed to fully and durably restore macroeconomic stability and debt sustainability in Ghana. It will be critical for the government to continue implementing the program as envisaged to ensure sustainable growth and poverty reduction,” she added.

Owing to Ghana’s worst economic crisis in over 2 decades, the executive board of the International Monetary Fund authorized a US$3 billion, three-year loan package for the Gold Coast in May 2023, allowing for an immediate payout of roughly US$600 million. Business Insider Africa

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