The Resident Representative of the International Monetary Fund (IMF) in Ghana, Dr. Leandro Medina, has commended the country for its collective efforts in achieving economic stability.

He acknowledged the visible progress made since the government engaged with the Bretton Woods Institution.

Despite stating that Ghana has not yet reached its economic destination, Dr. Medina affirmed that the nation is unquestionably moving in the right direction.

In an interview with Citi FM on Tuesday, January 30, he assured that the IMF would persist in supporting Ghana to attain economic prosperity for the benefit of its citizens.

“Despite a very difficult 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 important 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.

“The critical reforms have been made, critical 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.”

Dr. Leandro Medina highlighted key positive indicators, such as a downward trend in inflation and a substantial increase in the reserves of the Bank of Ghana, showcasing commendable efforts to strengthen the country's financial position.

In elaborating on economic measures taken, Dr. Medina acknowledged a discernible positive trend despite persistently high inflation.

Notably, inflation decreased to 23.2 per cent in December 2023 from a record high of 54 per cent in December 2022, signalling a significant improvement in the economic landscape.

Dr. Medina emphasized that the collaborative efforts between Ghanaian authorities and international financial institutions in addressing economic challenges and implementing prudent fiscal policies are yielding positive results.

The positive assessment offers a glimpse of optimism for Ghana's economic future, reinforcing the belief that ongoing efforts are guiding the country toward a trajectory of sustained growth and stability.