The IMF announced on Thursday that Ghana’s economy is exhibiting signs of stabilisation, including a decrease in inflation, an increase in international reserves, and a more stable exchange rate. The statement was issued at the conclusion of a week-long visit to Ghana as part of the regular engagements under the country’s $3bn loan programme, which was approved in May.
After experiencing financial strain last year, Ghana is currently in the process of restructuring nearly $20bn of its external debt, out of a total of about $30bn, under the Group of 20’s Common Framework platform. The IMF emphasised the importance of reaching timely restructuring agreements with creditors to secure the anticipated benefits of the Fund-supported programme.
‘In discussing progress on the debt restructuring operations, we reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported programme,’ stated the IMF.
The IMF further revealed that the first formal review of the programme is expected to take place in the autumn, as mentioned in the statement.
