By The International Monetary Fund (IMF) has advised the government to maintain fiscal discipline and enact economic reforms to promote sustained prosperity for its citizens.
Kristalina Georgieva, Managing Director of the Fund, stresses the significance of advancing the achievements made under the three-year, three billion-dollar extended credit facility to foster inclusive growth.
“Your growth is better expected, your inflation is lower than expected, the progress in debt restructuring has been faster than expected and now the task is to cement what has been achieved and do it with the unity of this country”.
In a meeting with President Nana Addo Dankwa Akufo-Addo, Madam Georgieva acknowledged the resilience of Ghana’s economy but cautioned the government to remain vigilant in order to sustain the current recovery.
“It is the year to bring confidence in Ghana domestically and internationally at the level it was before. It is possible because we are seeing a world slightly better, so the economic attributes are better, and the critical resource of money will go where confidence in the capacity to perform is highest. So Ghana can be in this place, as it was before. We need to stay the course, Ghana has achieved in a short time of the programme – good indicators”, she stressed.
On his part, President Akufo-Addo stated that Ghana’s decision to seek balance of payment support from the International Monetary Fund (IMF) has yielded positive results.
He attributed the recent decline in inflation and the stability of the local currency to the IMF support program, expressing satisfaction with the outcomes of the bailout.
He emphasized that the decision to seek IMF support in July 2022, amidst challenging economic circumstances, has proven beneficial and contributed to a noticeable turnaround in Ghana’s economy.
“The dire circumstances in which we were at the time that we took that very difficult decision and where we are today is a very clear testimony that our decision to seek your support is a decision that was correct, and we have had some benefits from it”, the President pointed out.
