The Head of Communications at the International Monetary Fund (IMF), Julie Kozack, commended the government and the Bank of Ghana (BoG) for making good progress on the country’s comprehensive debt restructuring.
Key points from her statement include:
- The government’s strong policy and reform efforts under the programme are yielding positive results, and signs of economic stabilization are emerging.
- Economic growth in 2023 was higher than expected, and growth projections are being revised upward.
- Inflation is declining rapidly, and the fiscal and external positions have improved.
- Exchange rate volatility has decreased significantly.
- The domestic debt exchange was completed last year, and the government reached an agreement in principle with its official bilateral creditors on January 12th.
- Ghana is engaging with external private creditors to seek their support.
- The IMF staff and the Ghanaian authorities reached a staff-level agreement for the second review of the Fund-support program on April 13.
- The review aims to bring the matter before the IMF’s Executive Board before the end of June 2024.
- If approved by the Board, the review would grant Ghana access to approximately $360 million.
