The Director of the Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana, Professor Peter Quartey, has commented on Ghana’s achievement of all the targets under the $3 billion International Monetary Fund (IMF) program.
Thank you for reading this post, don't forget to subscribe!He noted that it was not surprising given the government’s effective handling of revenue and fiscal policies.
Ghana is set to receive the $600 million second tranche of the IMF program, as the country’s economy experiences a rapid turnaround that surpasses expectations. The IMF Chief of Mission to Ghana, Stéphane Roudet, announced the positive developments during a joint press conference with the Minister of Finance, Kenneth Ofori-Atta.
Roudet highlighted macroeconomic stability and a steady increase in international reserves as key indicators of the country’s economic progress.
He praised Ghana’s improved fiscal position, external stability, and reduced exchange rate volatility. However, he cautioned against complacency and emphasized the need to continue improving economic indicators.
Professor Quartey echoed Roudet’s sentiments, citing the government’s successful revenue policies, the passage of new tax instruments, increased revenue, and improved fiscal management as key factors contributing to Ghana’s economic stability.
He noted that inflation, while still high, was gradually decreasing, and economic growth was expected to reach around 3 to 3.5 percent.
The $600 million second tranche from the IMF is expected to further stabilize the exchange rate and provide additional funds for the government.
Ghana’s adherence to the IMF targets and the positive outlook for its economy are seen as promising signs for the country’s economic recovery.