Following Ghana’s successful acquisition of the Fund-Supported programme on May 17, 2023, the International Monetary Fund (IMF) has reacted to the current state of the economy.
This was summed up in a statement that the International Monetary Fund (IMF) released following its staff mission, which was chaired by Stephane Roudet and visited Ghana from June 8 to June 15, 2023.
According to the International Monetary Fund, the visit was part of its ongoing regulatory interactions with the authorities in Ghana and other stakeholders.
IMF rates Ghana’s economy after weeks of bailout
In a statement, the head of the organization’s mission, Stephane Roudet, said that “the Ghanaian economy is showing signs of stabilization,” which includes a decline in inflation, a rise in international reserves, and an exchange rate that is less volatile.
Mr. Roudet mentioned that when they were there, the conversations centred on recent changes in macroeconomic policy against the backdrop of a complicated global economic situation.
The International Monetary Fund was quick to stress, however, that “timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported program.”
Concerns raised during the course of the visit
In addition, the IMF statement mentioned that recent economic developments and the implementation of the Fund-supported program that was adopted on May 17, 2023, were the primary topics of discussion during the meeting.
In addition to this, it was noted that “the Fund took stock of the authorities’ progress in meeting key commitments under the Fund-supported program.”
The International Monetary Fund (IMF) maintained that these conversations took place within the context of the first review of the arrangement for the Extended Credit Facility, which is scheduled to take place in the autumn of 2023.
In addition, it was stated that while addressing the progress that had been made 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.”
Who did the IMF collaborate with?
The staff of the International Monetary Fund met with President Akufo Addo, Vice President Dr. Bawumia, Finance Minister Ken Ofori-Atta, and the Governor of the Bank of Ghana, Dr. Ernest Addison, along with their respective teams.
The remainder of the members are comprised of representatives from a variety of government agencies, the Finance Committee of Parliament, the commercial sector, and civil society.
During this mission, the staff would want to express their gratitude to the Ghanaian government as well as the other stakeholders for their positive participation and assistance.