IMF Says Ghana's Economy Is Showing Signs Of Stabilisation, Touts "Resilient" 2023 Growth

IMF Says Ghana's Economy Is Showing Signs Of Stabilisation, Touts "Resilient" 2023 Growth

  • The IMF has scored high marks for Ghana's economic recovery, noting that the economy is showing signs of stabilisation
  • In the report released on October 6, 2023, the IMF said Ghana's economic growth in 2023 has proven more resilient than initially envisaged
  • These assessments were contained in an IMF staff report that was informed by meetings with the finance minister, the BoG governor and the vice president

The IMF has said the Nana Akufo-Addo government's strong policy and reform commitment under the bailout programme is bearing fruit.

According to the international lender, Ghana's troubled economy is showing signs of economic stabilisation.

"Growth in 2023 has proven more resilient than initially envisaged, inflation has declined, the fiscal and external positions have improved, and the exchange rate has stabilised," the IMF said in a staff report released on Friday, October 6, 2023.

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IMF Says Ghana's Economy Is Showing Signs Of Stabilisation, Touts "Resilient" 2023 Growth
President Nana Akufo-Addo (L) and a stock photo of an outdoor market in Accra, Ghana. Source: Facebook/@nakufoaddo, Getty Images.
Source: Facebook

The report said IMF and Ghana reached a staff-level agreement on economic policies and reforms to end the first review of the 36-month Extended Credit Facility-supported programme.

With respect to the targets and reform objectives, the IMF report said the performance "has been very strong."

The struggling Ghanaian economy is expected to receive about $600 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board.

"To ensure timely completion of the review, the country needs official creditors to quickly reach agreement on a debt treatment in line with the financing assurances they provided in May 2023," the report advised.

The IMF staff team was led by Mr. Stéphane Roudet, Mission Chief for Ghana.

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Ghana given conditions to secure more bailout cash following staff-level agreement with IMF

The IMF staff team held meetings with Finance Minister Ofori-Atta, Bank of Ghana Governor, Dr Ernest Addison, and Vice President Dr Mahamudu Bawumia, and their teams, as well as representatives from various government agencies.

The IMF team also engaged with other stakeholders.

IMF outlines conditions for disbursement of $600m under bailout deal

Meanwhile, has reported in a related story that the IMF reached a staff-level agreement with the Akufo-Addo government.

Ghana needs to secure a debt relief agreement from its official creditors to qualify for more bailout money.

The IMF said Ghana’s fiscal performance has been strong amid the ongoing economic crisis.

Professor Steve Hanke turns his criticism on Bank Of Ghana Governor

In a separate story, reported that Prof Steve Hanke slammed Dr Ernest Addison for creating challenges in Ghana's economy with his monetary policy decisions.

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Ablakwa fires warning at BoG boss, demands apology for hooligan insult

He made the comment via a post on X, formerly Twitter, when thousands of Ghanaians stormed the streets of Accra for the OccupyBoG demonstrations.

The demonstration on Tuesday, October 3, 2023, was to compel the BoG Governor to resign over losses in 2022, among other reasons.

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