Ghana Economy There Is A Discernible Positive Trend But IMF

Dr. Leandro Medina, the International Monetary Fund’s (IMF) resident representative in Ghana, has praised Ghana’s steady economic progress stating that Ghana is on the right path.

Speaking to Bernard Avle on the Citi Breakfast Show, Dr. Medina confirmed that the government of Ghana is working assiduously to revamp the economy. In his view, the posture of the government is a clear indication that the government is committed to restoring the broken economy.

"Despite a very challenging external environment, macro has been quite resilient, when you look at growth, we had to upgrade our projections because growth in 2023 has been more resilient. Inflation has been on a decreasing path, reserves have been increasing, and exchange volatility has also decreased.”

“It is extremely significant to know where we are and where we intend to be. By no means are we there, but when we see early signs of stability emerging, this means that for example, inflation is down from 54 to 23, 23 is still high for inflation and way above the BoG target but we are getting there, we are on the right track," Dr. Medina asserted.

In spite of these positives, the IMF contended that the country is not out of the woods yet.

“The crucial reforms have been made, crucial actions by authorities have been taken and we are on the right path. Are we there? Not yet, there are key objectives of this programme, that is to restore macroeconomic stability, secure sustainability, and lay the foundations for more durable and higher and more inclusive growth, we are not there yet but we are on the right path,” he added.

Dr. Medina highlighted the downward trend in inflation, and a significant upsurge in the reserves of the Bank of Ghana, signifying a commendable effort to strengthen the nation’s financial standing.

Dr. Medina noted "that despite persistently high inflation, there is a discernible positive trend’’.

Dr. Medina revealed "that the collaboration between Ghanaian authorities and international financial institutions in navigating economic obstacles and implementing prudent fiscal policies is yielding positive results’’.

He added that the positive assessment provides a glimpse of optimism for Ghana’s economic future, reinforcing the notion that ongoing efforts are steering the country towards a trajectory of sustained growth and stability.


Kobina Darlington/