The International Monetary Fund (IMF) has recommended that the government adopt economic reforms and practice budgetary restraint to promote the long-term prosperity of its people.
Building on the gains established thus far under the three-year, $3 billion extended loan facility is crucial for fostering equitable growth, according to Kristalina Georgieva, Managing Director of the Fund.
“The task at hand is to consolidate the progress made thus far while maintaining the unity of our nation. Your growth has exceeded expectations, inflation has fallen below projections, and debt restructuring is proceeding more quickly than anticipated.”
In a meeting with President Nana Addo Dankwa Akufo-Addo, Madam Georgieva praised Ghana’s economy’s resilience but advised the government to continue the recovery’s pace of growth.
This year is about restoring Ghana’s reputation both at home and abroad to its previous level. It is feasible because, as we can see, the world is getting a little bit better. This means that economic characteristics are improving, and capital—a vital resource—will flow to areas with the highest levels of performance confidence. Ghana can therefore remain here, as it did previously. We must continue since Ghana has shown encouraging signs in a short period under the program, she emphasized.
According to President Akufo-Addo, Ghana’s choice to approach the International Monetary Fund (IMF) for balance of payments support has paid off.
He expressed satisfaction with the bailout’s results and credited the IMF support program for the recent drop in inflation and stability of the local currency.
He underlined that Ghana’s economy has recovered as a result of the decision to approach the IMF for assistance in July 2022, despite difficult economic conditions.
“The dire circumstances in which we were at the time that we took that very difficult decision and where we are today is a very clear testimony that our decision to seek your support is a decision that was correct, and we have had some benefits from it”, the President pointed out.
