IMF praises Ghana’s ‘strong’ economic reform policies that begin to bear fruit

Ghana’s recent deal with the International Monetary Fund (IMF) will remain unaffected despite the latest government reshuffle, President Nana Akufo-Addo assured, just as the global lender has praised the West African country for implementing “strong” policies and reforms that are beginning to have positive effects on its economy.

Akufo-Addo has confirmed that the Finance Minister, Ken Ofori-Atta’s reshuffle will not influence the IMF’s $3 billion bailout, even though the latter was a big part of bringing in the deal. During his State of the Nation Address in Parliament on Tuesday (27 February), Akufo-Addo re-iterated his administration’s commitment to the country’s economic recovery and by extension the commitment to sustaining the IMF deal. This comes as a high-ranking IMF official noted that signs of economic stabilization are emerging in the West African country.

During a recent press conference, IMF’s Director of Communications, Julie Kozack, said that given the completion of the first review, Ghana is on track to a full-on economic recovery, particularly if it continues to uphold the strong policies and reforms it has put in place. But she also noted that Ghana’s government also needs to keep on track with its efforts for sustainable growth. “The authorities’ strong policy and reform efforts under the program are starting to bear fruit,” Kozack stated. “Looking ahead, steadfast policy and reform implementation will be needed to fully and durably restore macroeconomic stability and debt sustainability in Ghana.”