The Bank of Ghana has affirmed that Ghana’s International Monetary Fund (IMF) program is delivering positive outcomes, citing improved economic indicators in recent months.
Dr. Ernest Addison, the Governor, highlighted positive trends in factors such as the exchange rate and inflation during a press briefing by the Monetary Policy Committee on September 25, 2023. He stated, “The Committee has noted the overall improvement in domestic macroeconomic conditions, with robust economic growth and a decrease in inflation in August.
These developments indicate that the policy framework established under the three-year IMF Extended Credit Facility is starting to show 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 anticipates the arrival of the second portion of the IMF loan by year-end, according to the Governor. He emphasized that “During the final quarter of the year, reserve buildup will be reinforced by anticipated funds from the cocoa syndication loan, the second installment of the IMF ECF program, and additional multilateral inflows.”