The International Monetary Fund has found that strong policy and reform efforts under Ghana’s Fund Support Program are beginning to bear fruit.
According to the fund, signs of economic stabilization are beginning to emerge.
“Growth in 2023 turns out to be more resilient than initially expected, with volatile inflation declining rapidly, while fiscal and external conditions improve and domestic exchange rate volatility declines. ” said communications director Julie Kozak.
He said the government and the Bank of Ghana are making good progress in comprehensive debt restructuring.
The domestic debt exchange was completed on January 12 last year. The government has reached an agreement in principle with official bilateral creditors, and Ghana is also seeking assistance from external private creditors.
“Looking ahead, the full and lasting restoration of Ghana’s macroeconomic stability and debt sustainability will require the implementation of robust policies and reforms,” Mrs. Kozak said. It is important that governments continue to implement programs as planned to ensure sustainable growth and poverty reduction. ”
He added that the IMF remains fully engaged and supportive of Ghana’s efforts under the ongoing program and debt restructuring negotiations.
“We are in ongoing dialogue with the Ghanaian authorities, including with the Minister-elect when he was Minister of Finance, and our commitment to supporting Ghana remains steadfast. We look forward to continuing our fruitful cooperation with the new Minister.” [Dr. Mohammed Amin Adam]she explained.
Asked whether the IMF would support Ghana’s request for a simple debt restructuring without any state-dependent debt instruments, Kozak said that the IMF’s role in debt restructuring is that “we set the overall framework for debt restructuring. After that, I will leave it to both countries.” Debtor and creditor countries agree on terms. ”
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