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The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has shared insights into the gradual recovery of the Ghanaian economy.
She mentioned that the economic outlook appears optimistic, raising the possibility that Ghana could receive the second instalment of the IMF bailout in November.
During an interview, Georgieva also touched upon the progress made by both Zambia and Ghana, both of which had experienced debt defaults but are now making advancements under their respective IMF programs.
Georgieva expressed her high expectations regarding the disbursement of the $600 million second tranche of IMF funds scheduled for November. She emphasized the importance of this disbursement in instilling confidence in Ghana’s economic stability.
“Ghana is doing actually quite well. You have seen that their position has improved over the last month, and the economy is in a much better place. I would very much hope that we can have the disbursement,” she said referring to a $600 million tranche of IMF money.
Ghana recently received a $3 billion IMF support package. The country is presently undergoing its inaugural programme review, with the review’s conclusion scheduled for November.
“Ghana will have access to about US$600 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board. To ensure timely completion of the review, the country needs official creditors to quickly reach agreement on a debt treatment in line with the financing assurances they provided in May 2023.
“The authorities’ strong policy and reform commitment under the program is bearing fruit, and signs of economic stabilization are emerging. Growth in 2023 has proven more resilient than initially envisaged, inflation has declined, the fiscal and external positions have improved, and the exchange rate has stabilized.”
IMF staff held meetings with Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies. The IMF team also engaged with other stakeholders.
NKONKONSA.com
