Ghana’s economy showing signs of stabilisation – IMF

June 20, 2023 / Comments (0)

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The International Monetary Fund (IMF) staff team led by Stéphane Roudet has acknowledged that Ghana’s economy is bouncing back barely a month after the Executive Board approved the $3 million extended credit facility (ECF).

He cited softening inflation, an increase in international reserves and less volatile exchange rate as some of the indicators recorded in the past couple of weeks.

Mr Roudet made the observation after the IMF Mission concluded its latest visit to Ghana, from Thursday, June 8 to June 15.

“During the visit, we discussed recent macroeconomic developments,” he said.

“Against a complex global economic backdrop, the Ghanaian economy is showing signs of stabilization, with softening inflation, an increase in international reserves, and a less volatile exchange rate.”

The IMF Mission met President Nana Addo Dankwa Akufo-Addo, Vice President Dr Mahamudu Bawumia, Finance Minister Ken Ofori-Atta, Governor of the Central Bank Dr Ernest Addison, among others.

“We also took stock of the authorities’ progress in meeting key commitments under the Fund-supported programme,” Mr Roudet said.

He announced that the first review of the programme will be undertaken in the before December.

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