The International Monetary Fund (IMF) has emphasized the importance of fiscal prudence and economic reforms for Ghana’s long-term prosperity.
Managing Director of IMF, Kristalina Georgieva, highlighted the need to build on the progress achieved under the three-year, three billion-dollar extended credit facility. She emphasized the importance of promoting inclusive growth through these measures.
“Your growth is better expected, your inflation is lower than expected, the progress in debt restructuring has been faster than expected and now the task is to cement what has been achieved and do it with the unity of this country”.
During a meeting with President Akufo-Addo, Madam Georgieva acknowledged the strength of Ghana’s economy but cautioned the government to remain vigilant to maintain the ongoing recovery.
“It is the year to bring confidence in Ghana domestically and internationally at the level it was before. It is possible because we are seeing a world slightly better, so the economic attributes are better, and the critical resource of money will go where confidence in the capacity to perform is highest. So Ghana can be in this place, as it was before. We need to stay the course, Ghana has achieved in a short time of the programme – good indicators”, she stressed.
President Akufo-Addo highlighted the positive outcomes of Ghana’s decision to seek a balance of payment support from the International Monetary Fund (IMF).
He credited the recent decline in inflation and the stability of the local currency to the IMF support programme, expressing satisfaction with the results of the bailout.
The President emphasized that despite challenging economic circumstances, the decision to seek IMF support in July 2022 had proven beneficial and contributed to a noticeable turnaround in Ghana’s economy.
“The dire circumstances in which we were at the time that we took that very difficult decision and where we are today is a very clear testimony that our decision to seek your support is a decision that was correct, and we have had some benefits from it”, the President pointed out.