Ghana’s economy showing positive signs of recovery – IMF

Ghana’s economic recovery has been recognized by the International Monetary Fund (IMF), which has observed expansion in several economic sectors.

IMF Managing Director Kristalina Georgieva emphasized Ghana’s better growth prospects after the end of its bailout program in an interview with Bernard Avle on Citi TV’s The Point of View.

Georgieva also emphasized the wealth of Ghana’s natural and human resources as well as the government’s dedication to upholding stable economic foundations that support the goals of the people.

Ghana’s economy showing positive signs of recovery – IMF

“Ghana is doing well, we see growth prospects for Ghana improving. We projected 1.5% growth for this year, and it reached 2.3% in 2023, and in 2024 we see good prospects for growth. We projected inflation to fall from 54% to 27%, it is now already 23%. And we see more interest in investing in Ghana, because you have a fantastic country.

She emphasized, “Natural capital abundant, human capital also abundant. And as long as there’s a determined government to keep the strength of the economic fundamentals at par with the aspirations of the people here, Ghana is set for a good. Ghana is stabilizing, you are [Ghana] stabilizing. You see the exchange rate no more jumping up and down as it did before, we see in the advancement of negotiations with the official creditors.”

Georgieva expressed optimism about Ghana’s economic trajectory under the programme and encouraged perseverance, stating, “I would say stay on the course, the job is not yet done, we’re climbing the mountain we are not at the peak yet and I’m optimistic from what I have seen.”

In January 2024, the Bank of Ghana confirmed receiving US$600 million as the second tranche for budget support and currency stabilization, totaling US$1.2 billion from the $3 billion three-year extended credit facility granted in May 2022.

The IMF has praised Ghana’s performance under the programme, with reforms yielding positive results and signs of economic stabilization. The next review of Ghana’s IMF programme is set for June 2024, with an expected third tranche of approximately US$360 million.


Akosua Boatemaa

I'm Yours Truly, Blogger Akosua Boatemaa. I'm here to feed Your eyes and Ears with Authentic News Updates.

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