Economic indicators show that IMF programme yielding results – BoG

The Bank of Ghana has stated that based on the improved economic indicators that have been witnessed in the past few months, it is evident that Ghana’s International Monetary Fund is yielding positive results.

According to the Governor, Dr. Ernest Addison, the exchange rate, and inflation among other economic factors have been on a positive trajectory in the last few months.

Speaking at the Monetary Policy Committee press briefing on September 25, 2023, he said: “On the domestic front, the Committee observed the overall improving macroeconomic conditions with relatively strong economic growth and drop-in inflation in August. These developments provide evidence that the policy mix under the three-year IMF Extended Credit Facility is beginning to yield results.

“Economic activity is rebounding strongly, the exchange rate is stabilising, inflation is declining, and the level of foreign exchange reserves has improved. Sustained improvement in these indicators should result in the restoration of real incomes and purchasing power,” he said.

Ghana is expecting to receive the second tranche of the IMF loan by the end of this year.

The Governor, therefore, noted that “In the last quarter of the year, reserve accumulation would be further bolstered by the expected inflows from the cocoa syndication loan, the second tranche of the IMF ECF programme, and other multilateral inflows.”

SSD/NOQ

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