Ghana’s economy is experiencing a rapid turnaround, according to the International Monetary Fund (IMF).
The Fund confirmed that macro-economic stability is being experienced, while international reserves are also increasing at a steady pace.
The announcement was made by the Fund’s Chief of Mission, Stéphane Roudet, during a joint press conference with Ghana’s Minister of Finance, Kenneth Ofori-Atta on Friday, October 6, 2023.
Mr Roudet urged authorities not to be complacent and to keep the indicators moving forward.
Mr Roudet said “We also have the adjustment and fiscal position the Minister mentioned the numbers for June much better than the target.
“The external position in general is stronger, the currency has become much less volatile than what Ghana had experienced at the end of last year when it was a very challenging situation.
“So, clearly there is a turnaround, there is an improvement and signs of macroeconomic stability are now emerging.”
The IMF Mission Chief, however, cautioned the authorities not to be complacent but continue to keep the indicators going up.
“Again, this is not the end of the road [because] inflation is at 40 percent; everybody in this room wants to see it much lower.
“We are coming from a position where inflation was 54 percent at the end of last year, so the travelling direction is certainly the right one and things are improving.”
While inflation remains high, at 40 percent, the IMF confirmed that the country is moving in the right direction.
By Vincent Kubi