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Ghana’s economy showing signs of stabilization, says IMF

The International Monetary Fund’s board approved a first review of Ghana’s loan programme on Friday, allowing for the immediate disbursement of about US$600 million under its US$3 billion bailout programme

Ghana’s economy is showing signs of stabilisation following recent reforms despite a challenging global economic environment, the International Monetary Fund (IMF) has said.

The IMF’s board approved a first review of Ghana’s loan programme on Friday, allowing for the immediate disbursement of about US$600 million under its US$3 billion bailout programme.

The decision comes after the country reached a deal to restructure US$5.4 billion of loans with its official creditors, a key step to unlocking the second tranche of IMF funding.

Stéphane Roudet, IMF mission chief for Ghana said the fund is poised to support Ghana’s economy to a full recovery.

“Ghana’s performance under the IMF programme has been compelling, both in terms of meeting the quantitative objectives, for example budgetary performance, but also in implementing structural reforms to make the economy more resilient.”

He added, “Importantly, despite economic environment, Ghana’s reforms are bearing fruit, and signs of economic stabilisation are emerging. Growth has proven more resilient than initially envisaged, inflation is declining rapidly.”

“The fiscal and external positions have improved Bank of Ghana’s international reserve has been increasing and exchange rate volatility has decreased,” Roudet said.

Listen to Stéphane Roudet in the attached audio clip below: 

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