IMF praises economy, says macroeconomic stability is now becoming entrenched

The International Monetary Fund (IMF) has commended the Ghanaian economy, noting that growth has surpassed projections. Director of Communications Julie Kozack stated that Ghana's macroeconomic stability is now firmly established, with indicators pointing positively. She explained, "Ghana's macroeconomic stability is now becoming entrenched, and our engagement with the authorities is now shifting from crisis response... to supporting a consolidation of reforms and the building of longer-term resilience in the country."

Kozack highlighted that Ghana's economy has demonstrated significant improvement, with growth exceeding expectations. The nation's growth rate last year was 6.0 percent, and the IMF projects it at 5.7 percent for this year. Additionally, Ghana's external position has strengthened, and its external debt has decreased. The debt-to-GDP ratio currently stands at around 50 percent, and inflation is now within single digits, according to Kozack.

The IMF director praised Ghana's strong fiscal position, noting that the primary surplus is on track to meet year-end targets. She expressed delight at the country's strong ownership of the reform program, which has been crucial for its successful implementation. Kozack emphasized the challenges faced during the previous program and commended the authorities for making difficult policy decisions at that time.

She added, "The programme, the previous programme, was implemented in very difficult circumstances, but the authorities took the difficult decisions at that time, and those are now bearing fruit, as I said, in terms of stability and the strength of the economy."

Kozack also acknowledged the government's commitment to social dialogue, praising the extensive engagement with key stakeholders on reforms and broader priorities for the nation. She concluded that there is hope for Ghana's future, stating, "And so that’s, I think, another key lesson is the importance of broader societal engagement, which was also done in Ghana. There is light at the end of the tunnel."