Ghanaian economy stabilising – IMF says after staff visit

International Monetary Fund (IMF) staff team led by Stéphane Roudet visited Ghana from June 8 to 15, as part of its regular engagement with the Ghanaian authorities and other stakeholders.

The discussions focused on recent economic developments and implementation of the Fund-supported programme approved on May 17, 2023.

At the conclusion of the visit, Mr Roudet issued a statement saying: "During the visit, we discussed recent macroeconomic developments".

"Against a complex global economic backdrop, the Ghanaian economy is showing signs of stabilisation, with softening inflation, an increase in international reserves, and a less volatile exchange rate", he observed.

He reported: "We also took stock of the authorities’ progress in meeting key commitments under the Fund-supported programme", noting: "These will be formally assessed in the context of the first review of the Extended Credit Facility arrangement, which is expected to be undertaken in the Autumn".

Mr Roudet pointed out that in discussing the progress on the debt restructuring operations, "we reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported programme".

He said: "IMF staff held meetings with President Akufo-Addo, Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies, the Parliament’s Finance Committee, the private sector, and civil society".

He said the staff "would like to express their gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support during this mission".