By 
Dr. Ernest Addison, Governor of the Bank of Ghana, has articulated a positive outlook for Ghana’s economic future, bolstered by ongoing cooperation with the International Monetary Fund (IMF).
Speaking at a joint press briefing in Accra with the IMF and the Ministry of Finance on April 13, Dr. Addison expressed gratitude towards the IMF team for their pivotal support, which has led to a Staff-Level Agreement. This agreement marks a significant advancement in securing additional support from the IMF.
Dr. Addison detailed the successful enforcement of policy measures that have considerably enhanced Ghana’s macroeconomic landscape.
He remarked on the remarkable decline in inflation, stating, “After reaching a high of 54 percent at the end of 2022, inflation has notably decreased to 23 percent in 2023, and we are on track to reduce it further to around 15±2 percent by the end of 2024.”
“The exchange rate has remained stable over the last year, underpinned by a stringent monetary policy and robust foreign exchange reserves, currently at $6.2 billion as of April 5, 2024. Additionally, our economy has experienced growth beyond expectations,” he continued.
Dr. Addison also touched on significant developments such as the recapitalization of the Bank of Ghana and the creation of a Memorandum of Understanding with the Ministry of Finance. He brought up discussions concerning the External Debt restructuring program and ongoing negotiations with various creditors, emphasizing these as critical elements of the broader strategy to fortify Ghana’s economic framework.
Reiterating the government’s dedication to macroeconomic stability and a return to capital markets, Dr. Addison highlighted the crucial need for consistent policy implementation, particularly in an election year.
“We are committed to unwavering program implementation, maintaining fiscal discipline, upholding a strict monetary policy stance, and advancing necessary structural reforms to sustain our economic progress. We also anticipate some flexibility from the Fund to accommodate the shifting dynamics within the Ghanaian economy,” he concluded.
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