BoG Governor commends IMF collaboration as Ghana sees marcoeconomic gains

The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed optimism about the country's economic trajectory.

Delivering remarks at a joint IMF, Ministry of Finance and Bank of Ghana press briefing held in Accra on April 13, Dr. Addison thanked the International Monetary Fund (IMF) team for their collaboration, which has culminated in a Staff-Level agreement, signalling a positive step towards securing further IMF support.

Dr. Addison highlighted the steadfast implementation of policy measures that have led to significant macroeconomic improvements.

He added that inflation has decreased from a high of 54 percent at the end of 2022 to 23 percent in 2023, with expectations to further reduce to 15±2 percent by the end of 2024.

“With substantial progress in these measures, we are beginning to reap substantial macroeconomic dividends. Inflation has dropped significantly from a peak of 54 percent at the end of 2022 to 23 per cent in 2023.

“The exchange rate remained relatively stable throughout last year, supported by tighter monetary policy and stronger foreign exchange reserves. Economic growth surprised on the upside,” he added.

He said that the exchange rate has also remained stable, supported by a tight monetary policy and robust foreign exchange reserves, which stood at $6.2 billion as of April 5, 2024.

The Governor also addressed the recapitalization of the Bank of Ghana and the signing of a Memorandum of Understanding with the Ministry of Finance.

Discussions on the External Debt restructuring program and engagements with various creditors were also mentioned as part of the ongoing efforts to strengthen the economy.

Dr. Addison reaffirmed the government's commitment to maintaining macroeconomic stability and returning to the capital markets, emphasizing the importance of continuity in policy implementation, especially during an election year.

“We have concluded that we must continue with steadfast programme implementation of policies, continue with the fiscal rectitude, continue with the tight monetary policy stance, and pursue the necessary structural reforms to underpin the sustainability of the progress we are making. On the Fund’s side, we expect some degree of flexibility to reflect changing dynamics in the Ghanaian economy,” he said.

ID/MA

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