There is a turnaround in Ghana’s economy – IMF

IMF Mission Chief for Ghana, Stéphane Roudet, Points to Positive Shift in Ghana’s Economy

Stéphane Roudet, the IMF Mission Chief for Ghana, has highlighted a notable turnaround in the country’s economic situation. Roudet emphasized that the Ghanaian Cedi has exhibited reduced volatility, and overall macroeconomic indicators are displaying positive trends. Additionally, he noted a steady increase in Ghana’s international reserves.

Speaking during a press conference held in Accra on October 6, 2023, Roudet stated, “We also have the adjustment and fiscal position the Minister mentioned the numbers for June much better than the target…The external position in general is stronger, the currency has become much less volatile than what Ghana has experienced at the end of last year when it was a very challenging situation.”

He went on to assert, “So clearly there is a turnaround, there is an improvement, and signs of macroeconomic stability are now emerging.”

Simultaneously, on October 6, 2023, the International Monetary Fund (IMF) and the Government of Ghana reached a staff-level agreement for the second tranche of the $3 billion bailout program. It’s important to note that this agreement is pending approval by the IMF’s Executive Board. The IMF commended Ghana’s strong commitment to policy and reforms under the program, which is steering the economy towards stabilization.

Video credit GHANAWEB

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