The International Monetary Fund (IMF) has commended the Ghanaian government and the Bank of Ghana for the significant progress made in key structural reform milestones.
The IMF Mission Chief for Ghana, Stephane Roudet, praised the policies and reforms implemented to restore macroeconomic stability and debt sustainability, noting that they are already yielding positive results.
Roudet announced the Second Review of the Extended Credit Facility with Ghana, stating that economic activity in 2023 surpassed initial expectations, with growth projections for 2024 set to be revised upwards.
On the fiscal front, Roudet noted a marked improvement in the fiscal primary balance and praised the government’s commitment to achieving a fiscal primary surplus in 2024. He also acknowledged the expansion of social protection programs to support the most vulnerable segments of society.
Ghana has met its non-oil revenue mobilization target and is making progress in implementing structural fiscal reforms to enhance domestic revenues, strengthen public financial management, and improve transparency. The country’s external sector has seen significant improvement, with international reserve accumulation exceeding program objectives.
Roudet emphasized the importance of reaching an agreement with official bilateral creditors on a Memorandum of Understanding consistent with the terms agreed upon in January 2024.
He expressed optimism about Ghana’s continued efforts to reach an agreement with all creditors in line with program parameters.
