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The Bank of Ghana (BoG) and the government have received appreciation from Julie Kozack, Head of Communications at the International Monetary Fund (IMF), for their admirable efforts in advancing the country’s comprehensive debt restructuring.
Ms. Kozack stated during a news conference that signs of economic stability were starting to emerge and that the government’s aggressive attempts to change program policies were paying off.
“Growth, for example, in 2023, was higher than anticipated, and the growth projections are being revised upward. Inflation has been declining rapidly, the fiscal and external positions have improved, and exchange rate volatility has declined quite significantly,” the authorities were making strong strides toward their comprehensive debt restructuring, she added in her note.
“The domestic debt exchange was completed last year, and on January 12th, the government reached agreement in principle with its official bilateral creditors. Ghana is also engaging with external private creditors to seek their support”, Ms. Kozack stated.
According to the IMF, growth in 2023 was faster than anticipated and inflation had been declining swiftly. Additionally, it stated that there had been a discernible decline in exchange rate volatility and an improvement in the external and fiscal circumstances.
The IMF staff and the Ghanaian authorities reached a staff agreement on April 13 about the second assessment of the Fund-support program. The goal of this assessment is to provide the review to the IMF Executive Board by the end of June 2024.
If the Board gave its approval to this study, Ghana would receive almost $360 million.
Source: Ghanatodayonline.com
