June 13, 2024
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IMF staff conclude visit to Ghana; acknowledge signs of economic stability

A team from the International Monetary Fund (IMF), led by Stéphane Roudet, recently concluded a visit to Ghana, which took place from June 8 to June 15.

The visit aimed to engage with Ghanaian authorities and stakeholders to assess recent economic developments and review the implementation of the Fund-supported program approved on May 17, 2023.

In a statement issued at the end of the visit, Mr Roudet acknowledged positive signs of stabilization in the Ghanaian economy.

He highlighted softening inflation, an increase in international reserves, and a less volatile exchange rate as key indicators of progress amid a complex global economic backdrop.

“We also took stock of the authorities’ progress in meeting key commitments under the Fund-supported program. These will be formally assessed in the context of the first review of the Extended Credit Facility arrangement, which is expected to be undertaken in the Autumn.”

”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 program”.

He further indicated that the IMF staff team conducted thorough discussions with various high-level officials, including H.E. President Nana Addo Dankwa Akufo-Addo, H.E. Vice President Dr. Mahamudu Bawumia, Finance Minister Ken Ofori-Atta, and Bank of Ghana Governor, Dr. Ernest Addison during their stay.

Meetings were also held with representatives from government agencies, the Parliament’s Finance Committee, the private sector, and civil society.

The IMF team expressed their gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support throughout the visit.

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