Minister of State at the Finance Ministry, Abena Osei-Asare, expressed optimism in Ghana’s economic rebound, attributing it to crucial structural reforms underway to uphold recent growth.
The International Monetary Fund (IMF) has revised Ghana’s growth projection for the 2024 fiscal year from 2.8% to 3.1%.
According to the IMF’s Mission Chief, Stephane Roudet, this adjustment reflects indications of economic stabilization observed in Ghana.
Speaking at the inaugural Quarterly Economic Round Table (QER) at the ISSER Conference Hall on July 2, 2024, the Minister of State underscored the government’s commitment to solidifying the progress achieved so far.
She also outlined initiatives aimed at stabilizing the Cedi against the US dollar and enhancing gross international reserves.
“The recent pressures on the Cedi are being contained, our gross international reserves are improving, fiscal consolidation is holding, and the rate of accumulation of public debt is declining following the successful completion of the debt restructuring program,” she said.
“We are implementing key structural reforms to support growth. Just last Friday, the IMF board approved the second review and US$360 million related to the program was approved,” Osei-Asare said.
She continued, “I am confident that our steadfast commitment and results underpin the restoration of confidence in our economy. We have achieved impressive results from our economic engagements with our bilateral and multilateral counterparts. We have successfully completed the restructuring of our external debts with private creditors.”
The first Quarterly Economic Roundtable (QER) represents a partnership between the Ministry of Finance and the University of Ghana, designed to foster closer ties between policymakers and academia.
This national effort seeks to advance policy formulation based on rigorous research and evidence.