The International Monetary Fund (IMF) has stressed that steadfast policy and reform implementation are crucial for restoring macroeconomic stability and debt sustainability in Ghana. Speaking at the IMF’s regular press briefing on September 12, and monitored by The High Street Journal, Julie Kozack, Director of the Communications Department, expressed optimism that Ghana would maintain discipline in line with its programme with the Fund.
“It will be crucial for the government to continue to implement the program as envisaged to ensure sustainable growth and poverty reductions,” Kozack said. She added, “The authorities have so far demonstrated a strong commitment to the program at all levels. And we welcome Minister Adams signaling of the government’s continued commitment to policies under the program.”
Ghana managed to stay largely within its spending limits in the first half of the year, offering hope that the country could avoid the usual election-year overspending. However, recent heavy borrowing in the treasury bills market and the revival of abandoned projects have raised concerns of potential slippage, especially as the next IMF review is not expected until the end of the year.
On June 28, the IMF’s Executive Board completed the Second Review of Ghana’s three-year program. This review enabled Ghana to access $360 million, bringing total disbursements under the program to about $1.6 billion. The IMF acknowledged that “The authorities’ comprehensive reform program and strong policy efforts are yielding positive results. For example, growth in 2023 was higher than initially envisaged, inflation is declining, and international reserves have increased.”
