Julie Kozack, Director of Communications at the International Monetary Fund (IMF), has commended Ghana’s performance under its current IMF programme, noting significant strides in debt restructuring and macroeconomic recovery.
In a recent statement, Kozack emphasized that Ghana has met key requirements for debt restructuring and has made notable progress in stabilizing its economy.
“The programme performance has been good, with particularly remarkable progress on debt restructuring,” Kozack said. She highlighted that some of Ghana’s macroeconomic targets have been achieved, signaling a positive trend toward recovery. “Economic growth in the first half of 2024 exceeded our expectations, and inflation has decreased. Both the fiscal and external positions have shown substantial improvement,” she added.
The IMF is set to approve a disbursement of $360 million to Ghana in early December, pending a review by the IMF’s executive board. Kozack confirmed that once the review is complete, Ghana will receive the funds, bringing the total disbursed under the IMF programme to $1.92 billion. The disbursement follows the third review of Ghana’s Extended Credit Facility (ECF) arrangement, which was agreed upon by IMF staff and the government in early October.
“We are working toward a board meeting in early December, and we will provide additional details on the precise date once we have them,” Kozack stated at a news conference in Washington, D.C. on November 22.
However, Kozack also cautioned against decisions that could jeopardize Ghana’s progress, urging continued focus on implementing the policy and reform agendas. “It will be important for Ghana to maintain its efforts, especially given the challenging global and regional economic environment. Restoring macroeconomic stability and ensuring debt sustainability remain critical,” she warned.
She also noted that while progress on key structural reforms has continued, there have been some delays in certain areas. Despite these challenges, Ghana has met all of the quantitative targets set for the end of June 2024, with impressive economic growth driven by the mining, construction, and information sectors. Inflation has also continued to decline, contributing to the overall positive economic outlook.
The upcoming IMF staff report, to be published after the board meeting, will provide further updates on Ghana’s economic performance and the next steps for continued support under the IMF programme.
