The International Monetary Fund (IMF) has lauded Ghana for its impressive economic performance amidst global uncertainties.

At a joint press conference, IMF Mission Chief for Ghana, Stephane Roudette, celebrated Ghana’s impressive achievements under the IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG).

“Ghana’s performance under the PC-PEG has been commendable,” Roudette declared.

“The country has surpassed expectations with a robust GDP growth of 4.7% in the first quarter of 2024, showcasing resilience and effective fiscal policies.”

Ghana’s strong adherence to the programme’s quantitative performance criteria, with only one target unmet, has facilitated significant progress in key structural reforms, including enhanced revenue mobilization and streamlined expenditures.

Last Friday, the IMF approved the disbursement of a third tranche of $360 million, bringing total IMF disbursements under the three-year bailout programme to approximately $1.6 billion.

This approval followed Ghana’s successful deal with its Official Creditor Committee, a prerequisite for unlocking the funds.

Finance Minister Mohammed Amin Adam highlighted the robust measures driving this progress.

"Growth is proving to be more resilient and robust than initially programmed, with the economy showing strong signs of recovery in Q1 of 2024. Real GDP growth for Q1 2024 was 4.7%, the highest since Q1 2022, outperforming the 3.1% growth recorded in the same period in 2023.”

Minister Adam also noted improvements in managing inflation and stabilizing the exchange rate.

“Headline inflation declined to 23.1% in May 2024 from 25.0% in April 2024, after peaking at 54.1% in December 2022.

The Cedi has also stabilized, with year-to-date depreciation against the US dollar at 18.4%, compared to 22.0% in the same period in 2023.”

Significant achievements in debt restructuring were highlighted, with an agreement to restructure $5.1 billion of Ghana’s official bilateral loans, providing debt service relief of $2.8 billion between 2023 and 2026.

Additionally, negotiations with Eurobond holders will lead to the cancellation of $4.7 billion in debt and provide $4.4 billion in debt service relief from 2023 to 2026.

Minister Adam reaffirmed the government’s commitment to fiscal discipline and continued reforms. “

We are dedicated to sustaining our macroeconomic policy adjustments and reforms to fully restore stability and debt sustainability while fostering sustainable economic growth and poverty reduction.”

Ghana’s resilience and strategic economic management continue to drive its impressive recovery and growth, earning global commendation and support.