The International Monetary Fund (IMF) has expressed optimism about the efforts of Ghana’s Finance Minister, Ken Ofori-Atta, and his team in reviving the country’s economy.

Stephane Roudet, the IMF’s Mission Chief to Ghana, noted that the Ghanaian economy is displaying signs of stabilization, including a decrease in inflation, an increase in international reserves, and a more stable exchange rate.

This positive trend is evident in the strong Gross Domestic Product (GDP) growth rate of 4.2% recorded in the first quarter of 2023. Data from the Ghana Statistical Service further revealed a notable improvement in the country’s real GDP, with a 1.1 percentage point increase compared to the previous quarter.

Mr. Roudet expressed confidence in the effectiveness of measures taken to maintain financial stability and emphasized the importance of reforms aimed at promoting private investment, growth, and job creation.

During their recent visit, the IMF Mission Team assessed the government’s progress in fulfilling key commitments under the Fund-supported program. These achievements will be formally evaluated during the first review of the Extended Credit Facility arrangement, scheduled for September.

In discussions regarding debt restructuring operations, the team emphasized the necessity of timely agreements with creditors to ensure the expected benefits of the Fund-supported program.

The visit was part of the IMF’s regular engagement with Ghanaian authorities and other stakeholders. The discussions focused on recent economic developments and the implementation of the Fund-supported program, which was approved on May 17, 2023.