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IMF: Policies to restore Ghana’s macroeconomic stability identified

The International Monetary Fund (IMF) says good progress has been made in identifying specific policies that will restore macroeconomic stability and lay the foundation for stronger and more inclusive growth.

IMF negotiations team lead Stéphane Roudet revealed this in a statement posted on the IMF website.
According to him, the IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported programme as soon as feasible.

He said the IMF team met with Finance Minister Ken Ofori-Atta, Bank of Ghana (BoG) Governor Ernest Addison and their teams, to continue discussions on a possible IMF-supported programme.

The meeting took place during World Bank-IMF Annual meeting between October 11 and 19, 2022 in Washington, DC in the United States of America.

Roudet said the Ghanaian delegation and IMF staff had very fruitful discussions on the authorities’ post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF arrangement.

He announced that discussions will continue in the weeks ahead, with a follow-up mission to take place expeditiously.

Ghana has submitted its economic document dubbed Post Covid-19 Programme for Economic Growth to IMF for programme support.

Speaking at a news conference in Washington DC, Minister of State at the Finance Ministry, Charles Adu Boahen described discussions on the programme as “very positive”.

“Proposals that we have put forward, in terms of the reforms and the fiscal adjustments are in line with what needs to be done to turn around Ghana’s economy

Ghana is before the IMF for $3 billion to help the country navigate through the hostile economic crisis it finds itself in as a result of the adverse effects of the deadly coronavirus pandemic and the ongoing conflict between Russia and Ukraine.

The loan is to support the Government’s Enhanced Domestic Programme, which is to help the country navigate through the current economic hardship and improve its fiscal balances sustainably.

Ghana, just like many other countries the world over, is experiencing economic hardship largely due to Covid-19 and the Russia-Ukraine War.

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