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Julie Kozack, Head of Communications at the International Monetary Fund (IMF), has commended the Bank of Ghana (BoG) and the government for their notable progress in advancing the nation’s comprehensive debt restructuring efforts. Speaking during a press conference, Ms. Kozack highlighted that the government’s robust policy adjustments under the program were yielding positive results, with signs of economic stabilization emerging.
“Growth in 2023, for example, exceeded expectations, leading to upward revisions in growth projections. Inflation has been declining rapidly, fiscal and external positions have improved, and exchange rate volatility has significantly decreased,” she stated, noting the authorities’ solid progress on their comprehensive debt restructuring.
“The domestic debt exchange was completed last year, and on January 12th, the government reached an agreement in principle with its official bilateral creditors. Ghana is also engaging with external private creditors to seek their support,” she explained.
The IMF emphasized that growth in 2023 was stronger than expected, inflation had been rapidly decreasing, fiscal and external positions had improved, and exchange rate volatility had significantly reduced.
The second assessment of the Fund-supported program, which aims to present the review to the IMF Executive Board by the end of June 2024, was agreed upon at the staff level by the Ghanaian authorities and IMF staff on April 13.
If the Board approves this review, Ghana would gain access to approximately $360 million.
