A staff team of the International Monetary Fund (IMF) has said that Ghana’s economy has started showing signs of stability after the start of the IMF’s three-year support program.
In a statement released after a week-long working visit to the West African country, the IMF team said Ghana currently sees softening inflation, an increase in international reserves, and a less volatile exchange rate.
The team attributed the positive signs to the Ghanaian government’s timely restructuring with creditors.
“It is essential to secure the expected benefits of the Fund-supported program.”
Ghana has been grappling with a severe debt overhang, soaring inflation, and continuous currency depreciation, coupled with worsening living conditions for Ghanaians since 2022.
That prompted the Ghanaian government to turn to the IMF for a bailout.
The IMF executive board approved a three billion U.S. dollar loan for Ghana on May 17 to support the government’s reform program that focused on restoring macroeconomic stability and debt sustainability.
“With wide-ranging reforms aimed at building resilience and laying the foundation for more robust and inclusive growth.”