Ghana’s Economy Rebounds Strongly: IMF Approves 3rd Review -Finance Minister
Ghana’s economy has shown remarkable resilience, with the International Monetary Fund (IMF) approving the 3rd Review of the Post-COVID-19 Programme for Economic Growth (PC-PEG). This achievement is a testament to the government’s unwavering commitment to implementing economic reforms and addressing structural issues.
According to Finance Minister Dr. Mohammed Amin Adam, Ghana has met all six quantitative performance criteria and four indicative targets set by the IMF for the end of June 2024. The country has also witnessed a strong rebound in economic activity, with real GDP growth accelerating to 6.9% in the second quarter of 2024.
The inflation rate has continued to decline, from a peak of 54.1% in December 2022 to 22.1% in October 2024. The cedi has also gained strength, and the government has maintained fiscal discipline, despite the challenges posed by the COVID-19 pandemic.
Ghana has also made significant progress in its debt restructuring efforts, with the successful completion of a debt exchange with Eurobond investors. The reduction in the face value of the Eurobonds has resulted in a significant decrease in the debt stock, from GH¢807.79 billion in September 2024 to GH¢761.01 billion in October 2024.
The government has also strengthened its social intervention programs, including the Livelihood Empowerment Against Poverty (LEAP) program, the Ghana School Feeding Programme (GSFP), and the National Health Insurance Scheme (NHIS). These programs have been expanded to cover more beneficiaries, with increased funding and improved services.
As Ghana prepares to go to the polls, the Finance Minister has urged citizens to vote wisely and peacefully, to ensure that the country’s economic progress is not derailed. He expressed his gratitude to the IMF, the World Bank, and other stakeholders for their support, and to the Ghanaian people for their sacrifices and contributions to the implementation of the economic reform program.
With a strong economic recovery underway, Ghana is poised for continued growth and development. The government remains committed to maintaining fiscal discipline, implementing structural reforms, and protecting the vulnerable, to ensure that the benefits of economic growth are shared by all.
