There is a turnaround in Ghana’s economy – IMF

IMF Mission Chief for Ghana, Stéphane Roudet, has averred that there is a turnaround in Ghana's economy.

According to him, the local currency - Cedi - has become much less volatile and the country's macro-economic indicators showed positive signals.

He also said Ghana's international reserves were witnessing a steady increase.

Speaking at a press conference in Accra on Friday, October 6, 2023, Mr Roudet said, “We also have the adjustment and fiscal position the Minister mentioned the numbers for June much better than the target...The external position in general is stronger, the currency has become much less volatile than what Ghana has experienced at the end of last year when it was a very challenging situation."

“So clearly there is a turnaround, there is an improvement and signs of macroeconomic stability are now emerging,” the iMF Mission Chief for Ghana stated.

Meanwhile, the International Monetary Fund and the Government of Ghana on Friday, October 6, 2023, reached a staff-level agreement for the second tranche of the $3billion bailout programme.

This agreement is however subject to approval by the IMF’s Executive Board.

According to the IMF, Ghana’s strong policy and reform commitment under the programme was leading the economy on the path of stabilization.

SA/NOQ



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