Ghana’s economy is showing signs of recovery after it secured the Fund-Supported programme approved on May 17, 2023, the International Monetary Fund (IMF) has indicated.
The comments were contained 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 IMF explained that the visit forms part of its regulator engagements with Ghanaian authorities and other stakeholders.
Mission Chief, Stephane Roudet, in a statement, said that “the Ghanaian economy is showing signs of stabilisation, with softening inflation, an increase in international reserves, and a less volatile exchange rate.”
He said during their visit, the discussions focused on recent macroeconomic developments against a complex global economic backdrop.
Meanwhile, he has added that “timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported programme.”
According to the statement, discussions focused on recent economic developments and implementation of the Fund-supported programme approved on May 17, 2023.
It said “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.
On the debt restructuring operations the IMF said “we reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported programme.”
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.