The International Monetary Fund (IMF) has expressed confidence in the Ghanaian economy, saying that it is showing signs of stabilization. This comes after the IMF Executive Board approved a $3 billion extended credit facility (ECF) for Ghana in May.
The IMF staff team, led by Stéphane Roudet, visited Ghana from June 8 to June 15 to assess the macroeconomic situation and the progress of the ECF programme. The team met with President Nana Addo Dankwa Akufo-Addo, Vice President Dr Mahamudu Bawumia, Finance Minister Ken Ofori-Atta, Central Bank Governor Dr Ernest Addison, and other officials.
The IMF team noted that Ghana’s economy is rebounding from the impact of the COVID-19 pandemic and the global economic downturn. The team observed that inflation has eased, international reserves have increased, and the exchange rate has been less volatile.
The IMF team also discussed the ongoing debt restructuring process under the G20 Common Framework, which aims to reduce Ghana’s external debt burden of about $30 billion. The team stressed that timely agreements with creditors are essential to secure the benefits of the ECF programme.
The first review of the ECF programme is expected to take place in autumn 2023.