Finance Minister Announces Successful First Review of IMF-Supported Program for Economic Growth
In a joint press conference with the International Monetary Fund (IMF), Ghana’s Minister for Finance, Hon. Ken Ofori-Atta, declared the successful conclusion of the first review of the IMF-supported post-COVID-19 program for economic growth.
The program, which commenced on May 17, 2023, was approved as a 36-month IMF program under a $3 billion Extended Credit Facility (ECF). Mr. Ofori-Atta acknowledged the support and favorable quota allocated to Ghana by the IMF compared to other countries such as Egypt and Tunisia.
He further credited the swift preparation of the PC-PEG document, which underpinned Ghana’s collaboration with the IMF, as a significant milestone.
Ghana has achieved substantial economic stability, described by Minister Ofori-Atta as “Turning the Corner.” Key economic indicators, including inflation and exchange rates, have shown positive trends, instilling confidence in the nation’s economy.
The minister confirmed that Ghana has successfully completed its first review of the IMF program, which included Quantitative Performance Criteria, Indicative Targets, and Structural Benchmarks.
While awaiting the IMF staff’s comprehensive assessment of these targets, Mr Ofori-Atta expressed the nation’s readiness to engage with stakeholders and provide the necessary confidence to support Ghana’s economic trajectory.
The minister extended his appreciation to God, President Akufo-Addo, Vice President Bawumia, and Cabinet for their leadership and dedication during these challenging times.
Mr. Ofori-Atta emphasized the importance of Ghana’s strong performance in meeting end-June 2023 performance indicators, including Quantitative Performance Criteria, Indicative Targets, and Structural Benchmarks. He noted that the country’s performance stood out positively amidst global uncertainties.
The minister also highlighted the positive developments in Ghana’s macroeconomic environment, such as rebounding GDP growth, declining inflation, stable exchange rates, and strong fiscal performance.
Regarding debt restructuring, Minister Ofori-Atta celebrated the successful conclusion of three crucial debt exchanges, marking the completion of the Comprehensive Ghana Domestic Debt Exchanges Programme. He expressed gratitude to labor and trustees for their cooperation in achieving these milestones.
Source: Ghana Business
