IMF Acknowledges Ghana's Progress in Economic Stabilization Efforts

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The International Monetary Fund has acknowledged that Ghana's hard-working reform and policy measures under the program it supports are starting to show promise. The IMF claims that signs of economic stability are starting to show.

Director of Communications Julie Kozack said, "Vibrant inflation has been declining quickly, and growth in 2023 has shown to be more resilient than first thought. The nation's external and budgetary conditions have improved, and exchange rate volatility has decreased."


She emphasized that progress is being made in the comprehensive debt restructuring by the government and the Bank of Ghana. On January 12 of last year, the domestic debt swap was effectively completed. 
The government has reached a preliminary agreement with its official bilateral creditors, and efforts are underway to engage with external private creditors for support.


Madam Kozack emphasized, "Looking ahead, consistent policy implementation and reforms will be crucial to fully and sustainably restore macroeconomic stability and debt sustainability in Ghana. It is imperative for the government to continue executing the program as planned to ensure sustainable growth and poverty alleviation."

She affirmed that the IMF remains actively involved and supportive of Ghana's endeavors under the ongoing program and debt restructuring negotiations.


"We have maintained continuous communication with the Ghanaian authorities, including with the Minister Designate during his tenure as Minister of State for Finance. Our commitment to assisting Ghana remains unwavering, and we anticipate further fruitful collaboration with the new minister [Dr. Mohammed Amin Adam]," she elaborated.

When asked about whether the IMF supports Ghana's preference for a straightforward debt restructuring without state-contingent debt instruments, Ms. Kozack clarified that the IMF's role in debt restructuring involves "establishing the overall framework for debt restructuring and then allowing both debtor and creditor countries to agree on the terms."


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