The International Monetary Fund (IMF) has reiterated its aim of protecting the vulnerable and getting the economy back in shape, as Ghana pursues a bailout programme by the close of the year.
Ghana is currently having talks with the Fund for a possible US$3 billion programme to help the country put the economy on a sound footing, having been adversely hit by the deadly coronavirus pandemic and the ongoing conflict between Russia and Ukraine.
At the end of a staff visit to Ghana, the IMF said: “We had constructive discussions on policies aimed at restoring macroeconomic stability and laying the foundation for stronger and more inclusive growth.”
“Key areas of focus included ensuring public finance sustainability while protecting the vulnerable, bolstering the credibility of monetary and exchange rate policies to reduce inflation and rebuild external buffers, preserving financial sector stability, and steps to encourage private investment and growth, including by improving governance, transparency, and public sector efficiency,” Stéphane Roudet, the leader of the team, said in the statement.
Below is the full statement:
An International Monetary Fund (IMF) staff team led by Stéphane Roudet visited Ghana from September 26-October 7 to continue discussions on policies that could be supported by an IMF arrangement. IMF staff met with H.E. President Akufo-Addo, H.E. Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams. The IMF team also met with the Parliament’s Finance Committee, as well as representatives from various government agencies, the Trades Union Congress, the private sector, civil society organizations, and development partners.
At the conclusion of the visit, Roudet issued the following statement:
“An IMF team visited Accra to continue discussions on possible financial support for the authorities’ post-COVID program for economic growth.
“We had constructive discussions on policies aimed at restoring macroeconomic stability and laying the foundation for stronger and more inclusive growth. Key areas of focus included ensuring public finance sustainability while protecting the vulnerable, bolstering the credibility of monetary and exchange rate policies to reduce inflation and rebuild external buffers, preserving financial sector stability, and steps to encourage private investment and growth, including by improving governance, transparency, and public sector efficiency.
“The team will return to Washington, D.C. to advance its technical work. This includes making further progress on assessing Ghana’s debt sustainability. The discussions with the authorities will also continue in the weeks ahead, including during the upcoming Annual Meetings that will be convened at IMF headquarters.
“We reaffirm our commitment to support Ghana in these challenging times, consistent with the IMF’s policies.
“Staff express their gratitude to the authorities, private sector, civil society, development partners and other stakeholders in Ghana for their constructive engagement and support during this mission.”
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