IMF revises Ghana’s growth forecast to 3.1% on improved economic performance

The International Monetary Fund (IMF) has announced that it has revised its growth projection for Ghana’s economy in 2024 to 3.1 percent, up from the previous 2.8 percent.

   Stephane Roudet, the IMF mission chief for Ghana, made this announcement at a joint press briefing with Ghana’s Ministry of Finance and the Bank of Ghana, highlighting significant improvements in the Ghanaian economy.

   “The Ghanaian government has made significant headway in its debt restructuring strategy,” said Roudet. “The agreement with the official creditor committee under the Group of 20 common framework on a memorandum of understanding, formalizing the agreement in principle reached last January, was a key milestone.”

   He said that the government’s efforts have been yielding positive results, with signs of economic stabilization and growth proving more resilient than initially anticipated. “Therefore, we are revising our growth projection up from 2.8 percent to 3.1 percent for 2024,” Roudet said.

   Roudet urged the Ghanaian government to stay on the course and adhere to its policy reform agenda, which is essential for fully restoring macroeconomic stability and debt stability.

   Last Friday, the IMF executive board authorized the release of an additional 360 million U.S. dollars to Ghana. This is the third payout to the country, bringing the total disbursement received by Ghana to 1.56 billion dollars from the 3 billion dollar loan approved by the IMF in May last year.

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