Ghana’s economy is improving – BoG Governor

Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has noted that the local economy was gradually moving towards a steady path.

According to him, the country's foreign reserve level was also improving and a whopping $300 million has been pushed into the reserve.

Making this known when he appeared before the Public Accounts Committee of Parliament on Monday, April 8, 2024, Dr Ernest Addison said, “For the economy as a whole, I can tell you that things are improving, our foreign exchange reserve levels are improving. Thanks to Members of Parliament who recently approved a facility, so $300 million was added to our reserves."

Since the economy took a nosedive after it was hit by the Russia-Ukraine war, government on July 1, 2022, announced its decision to run to the International Monetary Fund (IMF) for a $3 billion financial bailout programme.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme.

A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.

On May 17, 2023, IMF's executive board approved Ghana's $3 billion loan facility.

The first tranche of $600 million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023.

The IMF programme, according to the government was aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

The country's economy is expected to be under an IMF programme for a 3-year period.

SA/MA