IMF Staff Concludes Visit to Ghana

Accra – June 15, 2023: An International Monetary Fund (IMF) staff team led by Stéphane Roudet visited Ghana during June 8-15 as part of its regular engagement with the Ghanaian authorities and other stakeholders. The discussions focused on recent economic developments and implementation of the Fund-supported program approved on May 17, 2023.

At the conclusion of the visit, Mr. Roudet issued the following statement:

“During the visit, we discussed recent macroeconomic developments. Against a complex global economic backdrop, the Ghanaian economy is showing signs of stabilization, with softening inflation, an increase in international reserves, and a less volatile exchange rate.

“We also took stock of the authorities’ progress in meeting key commitments under the Fund-supported program. These will be formally assessed in the context of the first review of the Extended Credit Facility arrangement, which is expected to be undertaken in the Autumn. In discussing progress on the debt restructuring operations, we reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported program.

“IMF staff held meetings with H.E. President Akufo Addo, H.E. 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 Parliament’s Finance Committee, the private sector, and civil society. Staff would like to express their gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support during this mission.”