IMF: Ghana’s economy poised for recovery, over-delivering under programme -Mission Chief

Stéphane Roudet, the International Monetary Fund (IMF) Mission Chief for Ghana, has expressed optimism about Ghana’s economic outlook, suggesting that the country is on track for full recovery.

Speaking from Washington DC, USA, Roudet highlighted Ghana’s performance under the IMF programme and emphasized the importance of continued implementation for sustained progress.

 “Government continuing to implement the IMF programme the way it has been done over the past year, then we can say that we have now seen the worst for Ghana ‘s economy.”

Addressing concerns about potential economic shocks amid global developments, Roudet underscored the significance of government adherence to the IMF programme, stating that Ghana has likely experienced the worst of its economic challenges.

Contrary to fears of a short-lived recovery, Roudet asserted that Ghana’s current economic upturn is sustainable, contingent upon strict adherence to programme guidelines. He commended Ghana’s performance, noting that the country has surpassed expectations and is demonstrating resilience in key economic indicators such as growth and inflation.

“Ghana is overperforming under the IMF programme and that is good.”

“Ghana’s programme is delivering on its promises and in fact, it is over-delivering” the Mission Chief added.

“Growth is also doing better than what we have forecasted and that is also influencing our decision to review our forecast” he noted.

Roudet highlighted Ghana’s commitment to implementing reforms, which has contributed to positive outcomes such as improved revenue generation, inflation control, and strengthened external and fiscal positions. He emphasized that this progress was not initially anticipated but has been driven by Ghana’s dedication to programme implementation.

Restoring confidence in Ghana’s economy, Roudet emphasized, hinges on continued adherence to the IMF programme. He anticipated positive responses from rating agencies and domestic stakeholders as economic developments align with programme goals.

“If the macroeconomic development unfolds as we planned in the IMF programme, then definitely we should expect them to respond as well as all agencies” the Mission Chief added.

“We are not only looking at the rating agencies responding, Ghanaians as well, domestic stakeholders, then everyone will realize and that will boost confidence in the economy.”

Looking ahead, Roudet suggested that Ghana’s growth potential remains promising, with an average growth rate of 5% projected in the medium term. He concluded by affirming Ghana’s gradual return to its growth trajectory, with expectations of improved economic performance in the coming years.

Overall, Roudet’s remarks underscored the positive trajectory of Ghana’s economy, emphasizing the importance of continued commitment to reform initiatives for sustained growth and stability.