In a recent press conference, the International Monetary Fund (IMF) lauded Ghana’s economic policies, highlighting signs of stabilization in the West African country.
The IMF Director of Communications, Julie Kozack, emphasized the positive effects of Ghana’s policies and reforms implemented in 2023, stating that the country is on track for sustainable growth.
During the press briefing, Kozack noted that Ghana’s economic stabilization is becoming evident, attributing this progress to the government’s commitment to its policies and reforms.
She highlighted the completion of the IMF’s first review of Ghana’s $3 billion loan program, which resulted in an additional $600 million being disbursed to the country, bringing the total disbursements under the program to $1.2 billion.
Kozack praised Ghana’s resilience, stating, “Growth in 2023 proved to be more resilient than initially expected, and although volatile inflation has been declining rapidly, the fiscal and external positions have improved, and exchange rate volatility has declined in the country.”
However, she emphasized the importance of continued reform implementation for sustainable growth and debt sustainability. Kozack stressed the need for Ghana to adhere to the program’s policies to fully restore macroeconomic stability and ensure sustainable growth and poverty reduction.
Ghana faced its worst economic crisis in over two decades, leading to the IMF’s authorization of a $3 billion, three-year loan package in May 2023.
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This loan package provided immediate relief of approximately $600 million to Ghana, helping the country address its economic challenges and embark on a path to recovery.
