IMF praises economy, says macroeconomic stability is now becoming entrenched

The International Monetary Fund (IMF) has expressed satisfaction with the Ghanaian economy, praising its growth rate and macroeconomic stability. Julie Kozack, the Director of Communications for the IMF, stated that Ghana's macroeconomic stability is now firmly established, with positive indicators pointing in the right direction. The focus of the IMF's engagement has shifted from crisis response to supporting the consolidation of reforms and building longer-term resilience in the country.

Ghana's economy has performed well, with growth exceeding expectations. The growth rate last year was 6.0 percent, and the IMF projects it to be 5.7 percent this year. The country's external position has also strengthened, with its debt falling and the debt-to-GDP ratio now around 50 percent. Inflation has also been brought under control, falling into the single digits.

The fiscal position in Ghana is now strong, and the primary surplus is on track to meet the year-end targets. Kozack noted that Ghana has shown strong ownership of the reform programme, which has been critical to its successful implementation. The IMF has been pleased to see the willingness of Ghanaian authorities to make difficult policy decisions, which have now borne fruit in terms of economic stability and growth.

The IMF has also commended the government for its social dialogue, emphasizing that the authorities held extensive engagement with key stakeholders on reforms and broader priorities for the country. This broader societal engagement has been instrumental in building support for the difficult reforms that the country had to undertake. Kozack concluded that there is a positive outlook for Ghana's economy, stating that there is light at the end of the tunnel.