The Bank of Ghana reaffirms its dedication to executing a fruitful IMF-supported program, especially amidst an election period, without encountering setbacks.
Dr. Ernest Addison, the Governor, acknowledged Ghana’s historical challenges in effectively implementing an IMF-ECF program during election years. However, both the government and the central bank are determined to alter this pattern.
During a joint press conference involving the IMF, the finance ministry, and the BoG on April 13, 2024, Dr. Addison emphasized this commitment.
“We recognize the importance of continued macroeconomic stability and an early return to the capital markets, and we will remain committed to ensure that programme implementation stays firm.”
Across Ghana’s history, election years have typically seen elevated spending as political parties vie for electoral success.
However, this increased expenditure has notably affected the economy, leading to a downturn, particularly following the 2020 general election.
Meanwhile, Minister of Finance, Dr. Amin Adam, has provided assurance that despite the current election year, the government remains committed to adhering to the International Monetary Fund’s Post-COVID-19 Programme for Economic Growth (PC-PEG) and the World Bank-supported Development Policy Operations.