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Ghana ‘Acted Decisively’ During Tough Global Crisis – IMF Boss, Says Economy Recovery Coming

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has praised the government of Ghana for taking decisive steps on the economy at a difficult time. 

In a sit-down interview with Graphic monitored by MyNewsGh.com, Madam Georgiva said Ghana recovery has so dar been compelling and decisive. 

“Ghana’s performance under the economic recovery programme has been compelling. The government acted decisively in response to difficult economic and financial circumstances in 2022-23, restructuring its domestic debt and reaching agreement with bilateral creditors on a debt treatment.”

Listing the specific steps she says the government took, she said “Ghana launched efforts to increase revenue and streamline spending. And the government acted to put the energy, cocoa, and financial sectors on sounder financial footings…. This strong package of reforms is helping to stabilise the economy. Growth in 2023 was more resilient than we initially expected, and inflation has been declining rapidly.” She explained. 

“The balance of payments and Bank of Ghana’s international reserves have improved, and the exchange rate has become less volatile. But the job is not finished.” She added. 

Explaining the economy’s outlook, Madam Georgiva said it is crucial for the government to continue to follow the current reform program to achieve full results. 

“Continued steadfast implementation of the government’s policy adjustment and reform programme will be critical to fully restore economic stability and debt sustainability into next year and beyond. The authorities have so far shown a strong commitment to reform — this should help limit implementation risks going forward.” She said. 

The IMF boss said  she particularly pleased by President Akufo-Addo’s statement at the 2024 State of the Nation address that the government remains fully committed to the policies and reforms under the programme. 

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