- Advertisement -spot_img
28.2 C
Lagos
HomeWorldGhana's economy showing signs of stabilization with softening inflation ~IMF

Ghana’s economy showing signs of stabilization with softening inflation ~IMF

- Advertisement -spot_img

The International Monetary Fund (IMF) said on Thursday that Ghana’s economy is showing signs of stabilization, with softening inflation, an increase in international reserves and a less volatile exchange rate.

The IMF statement was issued at the end of a week-long visit to the country as part of regular engagements under Ghana’s $3 billion loan programme, which was approved in May.

“During the visit, we discussed recent macroeconomic developments. 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.

“We also took stock of the authorities’ progress in meeting key commitments under the Fund-supported program. These will be formally assessed in the context of the first review of the Extended Credit Facility arrangement, which is expected to be undertaken in the Autumn.

READ ALSO: Nigeria’s naira weakens further by 5.7% to a new low of N702.19/$ at I&E fx window

“In discussing progress on the debt restructuring operations, we reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported program.

“IMF staff held meetings with H.E. President Akufo Addo, H.E. Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies, the Parliament’s Finance Committee, the private sector, and civil society.

“Staff would like to express their gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support during this mission,” the IMF statement read.

The West African country is seeking to restructure $20 billion of its roughly $30 billion external debt under the Group of 20’s Common Framework platform after its finances buckled last year.

The first formal programme review is expected this autumn, it said in the statement.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img