- Gov't expects $2.32bn to boost reserves.
- Funds from World Bank, IMF, EBID, and others.
- Minister updates on economy and debt restructuring.
The government is expecting a significant injection of funds from its development partners and institutions before the end of the year. The expected amount of $2.32 billion is aimed at increasing the country’s foreign exchange reserves, which will in turn help to stabilize the cedi.
Finance Minister, Dr. Mohammed Amin Adam, made this announcement during a press briefing in Accra on Friday. He explained that the funds would come from organizations such as the World Bank, International Monetary Fund, and EBID.
The Minister emphasized that these inflows would add to the reserves already built by the Bank of Ghana (BoG). This is part of the government’s efforts to enhance transparency and accountability in the country’s economic management.
The press briefing was part of a monthly update instituted in March 2024 to keep citizens and stakeholders informed about the economy. The update covered various topics, including the implementation of the IMF-Supported Post Covid-19 Programme for Economic Growth (PC-PEG).
The briefing also touched on the progress made towards completing the external debt restructuring program. Additionally, the Minister provided an update on the status of implementation of the Small and Medium-sized Enterprise Growth and Opportunity Programme.
The performance of the economy for the first quarter of 2024 was also discussed during the briefing. The Minister provided insights into the current state of the economy and the government’s efforts to address challenges.
The expected inflows of $2.32 billion are significant, and the government is hopeful that it will help to shore up the cedi. The funds will also support the country’s economic growth and development initiatives.
The government is committed to transparency and accountability in its economic management. The monthly press briefings are part of this effort, and citizens and stakeholders are encouraged to stay informed about the economy.
The Minister’s update provided a comprehensive overview of the economy and the government’s efforts to address challenges. The expected inflows of funds are a positive development, and the government is hopeful that it will have a positive impact on the economy.
The government is working to ensure that the economy is managed effectively, and the expected inflows of funds are a step in the right direction. Citizens and stakeholders are encouraged to stay informed and engaged in the country’s economic development.
