In a recent meeting with President Nana Addo Dankwa Akufo-Addo, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has emphasized the critical need for the Ghanaian government to exercise fiscal prudence and implement economic reforms geared towards fostering sustained prosperity for its citizens.
Madam Georgieva underscored the importance of leveraging the progress achieved under the three-year, three billion-dollar extended credit facility to drive inclusive growth in Ghana.
She commended the nation’s economic achievements, noting positive developments such as better-than-expected growth, lower inflation rates, and expedited debt restructuring.
During her discussions with President Akufo-Addo, Madam Georgieva urged the government to consolidate the gains made thus far and underscored the significance of unity in advancing the country’s economic agenda.
President Akufo-Addo, in response, highlighted the positive impact of seeking balance of payment support from the IMF, attributing the recent decline in inflation and the stability of the local currency to the IMF’s assistance.
He expressed satisfaction with the outcomes of the bailout, citing the substantial progress made in Ghana’s economy as evidence of the effectiveness of the IMF support program.
“The decision to seek IMF support in July 2022, during challenging economic circumstances, has yielded tangible benefits and contributed significantly to the turnaround in Ghana’s economic landscape,” President Akufo-Addo affirmed.
In conclusion, both the IMF and the Ghanaian government have reiterated their commitment to sustaining the progress achieved and fostering economic stability and growth for the benefit of the country and its citizens.
By Vincent Kubi