The Bank of Ghana (BoG) has said it is committed to the reforms and prudent policies to ensure the full benefits of Ghana’s three-year programme under the IMF are achieved.
Governor of the central bank Ernest Addison gave the assurance at a joint news conference by the Ministry of Finance and International Monetary Fund (IMF) in Accra on Friday (6 October).
“Let me first begin by thanking the entire IMF team for the constructive engagement during the past two weeks on all issues bordering on fiscal policy, monetary policy and structural reforms. Indeed, it has been a very comprehensive and collaborative work between the Government’s side and the IMF, and this has made the two-weeks mission very successful.
and fruitful.
“We have all established that the very decisive measures put in place by the Government and the Bank of Ghana have started yielding results, signalling a faster than expected turnaround which needs to be sustained as we reset the economy.”
“There would be challenges and difficulties as we work towards sustaining these gains but we remained focused and committed to the reforms and prudent policies to ensure the full benefits of this program are achieved,” Addison said.
First assessment
An IMF staff team, led by Stéphane Roudet, mission chief for Ghana, on Friday (6 October) concluded Ghana’s first assessment and reached a staff-level agreement on the country’s Extended Credit Facility (ECF) arrangement.
The team held meetings in Accra from 25 September to 6 October 2023 to discuss progress on reforms and the government’s policy priorities in the context of the first review of Ghana’s three-year program under the Extended Credit Facility.
The IMF team 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.
Reporting by Fred Dzakpata in Accra
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