Ghana’s economy showing signs of recovery – IMF

The International Monetary Fund (IMF) has acknowledged Ghana’s economic recovery, noting growth in crucial economic sectors.

During an interview with Bernard Avle on Citi TV’s The Point of View, IMF Managing Director Kristalina Georgieva underscored the improving growth prospects for Ghana following the conclusion of its bailout programme.

Georgieva also highlighted Ghana’s abundant natural and human capital, as well as the government’s commitment to maintaining robust economic fundamentals that align with the aspirations of its citizens.

“Ghana is doing well, we see growth prospects for Ghana improving. We projected 1.5% growth for this year, and it reached 2.3% in 2023, and in 2024 we see good prospects for growth. We projected inflation to fall from 54% to 27%, it is now already 23%. And we see more interest in investing in Ghana, because you have a fantastic country.

She emphasized, “Natural capital abundant, human capital also abundant. And as long as there’s a determined government to keep the strength of the economic fundamentals at par with the aspirations of the people here, Ghana is set for a good. Ghana is stabilizing, you are [Ghana] stabilizing. You see the exchange rate no more jumping up and down as it did before, we see in the advancement of negotiations with the official creditors.”

Georgieva expressed optimism about Ghana’s economic trajectory under the programme and encouraged perseverance, stating, “I would say stay on the course, the job is not yet done, we’re climbing the mountain we are not at the peak yet and I’m optimistic from what I have seen.”

In January 2024, the Bank of Ghana confirmed receiving US$600 million as the second tranche for budget support and currency stabilization, totaling US$1.2 billion from the $3 billion three-year extended credit facility granted in May 2022.

The IMF has praised Ghana’s performance under the programme, with reforms yielding positive results and signs of economic stabilization. The next review of Ghana’s IMF programme is set for June 2024, with an expected third tranche of approximately US$360 million.

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