Ghana's Economy Showing Signs of Stabilisation: IMF Staff Report Announces In End-of-Mission Statement
- An IMF staff team has concluded that the economic recovery signs for Ghana look good so far
- In a statement issued on Friday, June 15, 2023, the team leader Stephane Roudet explained that Ghana's economy is showing signs of stabilisation amid declining inflation
- But the team urged Ghana to fastrack its debt structuring with its creditors since that was crucial for the progress of the ongoing $3 billion IMF bailout programme
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A statement issued by an International Monetary Fund (IMF) staff team on Friday, June 15, 2023, communicates positive news about Ghana's economic recovery.
The team led by Stephane Roudet disclosed in the statement that the Ghanaian economy is showing signs of stabilisation considering the complex global economic factors.
The statement noted that inflation is declining and there has been an increase in international reserves. Exchange rates are also becoming less volatile, it added.
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Roudet and his team visited Ghana between June 8 and June 15, 2023, as part of the IMF's regular engagement with Ghanaian authorities and other stakeholders.
"The discussions focused on recent economic developments and implementation of the Fund-supported program approved on May 17, 2023," the release Friday evening explained.
The Ghanaian economy has been battered due partly to excessive borrowing, COVID-19 and other global factors. The country was compelled last year to run to the IMF for a bailout to restore balance of payment anomalies.
IMF staff team urges timely restructuring agreements with creditors
Roudet and his team disclosed that per Ghana's debt restructuring drive, time is of the essence.
"We reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported programme," the release said.
The IMF staff held meetings with President Nana Akufo-Addo, vice president Mahamudu Bawumia, finance minister Ken Ofori-Atta, and Governor of the Bank of Ghana Ernest Addison.
Meetings were held with representatives from various government agencies, the Parliament’s Finance Committee, the private sector, and civil society.
IMF Executive Board approves Ghana's $3bn loan request
Meanwhile, last month, YEN.com.gh reported that the executive board of the IMF gave the green light for Ghana's request for a $3 billion bailout to be granted.
The executive board's approval was granted at a meeting in Washington DC on Wednesday, May 17, 2023.
The progress of the IMF negotiations caused the Ghana cedi to appreciate against the dollar.
Ghana could get $300m from World Bank by September
Also, World Bank Country Director Pierre Laporte has disclosed that Ghana is very likely to receive $300 million by the end of 2023.
The money would be part of a $1.1 billion World Bank facility available to the country to support its annual budget.
Laporte said Ghana must first present a robust reform programme that tackles four key challenges before the money can be disbursed.
Prof Hanke ranks Ghana as 15th-most miserable country in the world
In other news, Prof Steve Hanke launched one of his attacks on Nana Akufo-Addo's management of the Ghanaian economy last month.
Commenting on Ghana's 15th position on the Hanke's Annual Misery Index for 2022, the John Hopkins University scholar said Akufo-Addo is incompetent.
Per the latest misery index, Ghana is the most miserable country in the West African sub-region.
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Source: YEN.com.gh
