A team from the International monetary fund (IMF) led by Stephane Roudet was in Ghana between the 8th of June to the 15th, as part of its regular engagement with the Ghanaian economic team and concerned stakeholders.
The discussion was about Ghana’s economic development so far since the approval of the IMF on the 17th of May 2023.
The leader of the IMF team in the meeting stated that the Ghanaian economy is showing some signs of stability.
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“Against a complex global economic backdrop, the Ghanaian economy is showing signs of stabilisation, with softening inflation, an increase in international reserves, and a less volatile exchange rate”, he observed.
He reported: “We also took stock of the authorities’ progress in meeting key commitments under the Fund-supported programme”, noting: “These will be formally assessed in the context of the first review of the Extended Credit Facility arrangement, which is expected to be undertaken in the Autumn”.
Mr Roudet pointed out that in discussing the progress on the debt restructuring operations, “we reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported programme”.
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He said: “IMF staff held meetings with President Akufo-Addo, Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies, the Parliament’s Finance Committee, the private sector, and civil society”.
He said the staff “would like to express their gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support during this mission”.