Rédaction Africa Links 24 with Ghanaian Times
Published on 2024-04-17 16:58:08
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has emphasized the commitment of the BoG and the government to ensure that Ghana does not deviate from the implementation of the International Monetary Fund (IMF) Extended Credit Facility (ECF) program. Historically, Ghana has faced challenges in successfully implementing an IMF-supported program in an election year, leading to derailment. However, both the government and the Central Bank are dedicated to changing this trend and maintaining program implementation.
Following a successful second review, the government has reached a Staff-Level Agreement (SLA) with the IMF. This agreement will enable the disbursement of $360 million to Ghana, pending approval from the IMF’s management and Executive Board. This brings the total amount of funds received by Ghana from the IMF to $1.560 billion. The country is currently under a three-year balance of payments support program with the IMF, totaling $3 billion, aimed at boosting the economy and ensuring stability amidst rising public debt.
Dr. Addison expressed gratitude to the IMF team for their collaboration with the government over the past two weeks, analyzing data and discussing strategies to advance the economy. He highlighted the government’s commitment to a set of policies despite challenging conditions, noting that the implementation of the program has been progressing effectively.
Noteworthy achievements include a significant drop in inflation from 54% at the end of 2022 to 23% in 2023, stable exchange rates, and robust economic growth. Despite some challenges, such as a slowdown in the disinflation process in the first quarter of the year, the expectation is for this trend to improve in the upcoming quarters.
Efforts to strengthen foreign exchange reserves have been successful, with reserves reported at $6.2 billion as of April 5, 2024. Dr. Addison highlighted the Gold for Reserves program as a key strategy in managing foreign exchange and ensuring economic stability.
Looking ahead, the government plans to continue implementing policies that have contributed to the country’s progress, including the Gold for Reserves program. This initiative has proven to be a game-changer in foreign exchange management strategies, bolstering Ghana’s economic resilience.
Overall, Dr. Addison’s remarks underscore the government and BoG’s dedication to maintaining macroeconomic stability and sustaining progress in program implementation. With a focus on policy continuity and effective measures, Ghana aims to overcome challenges and achieve long-term economic stability and growth.
By Kingsley Asare
Read the original article on Ghanaian Times
