The International Monetary Fund has applauded the Government, the Ministry of Finance and the Bank of Ghana for their commitment to strengthen governance, improve transparency, and reduce the risks of corruption under the Fund-supported programme.

For example, it said the authorities have requested IMF technical assistance to conduct an in-depth Governance and Corruption Diagnostic Assessment; and this exercise is ongoing.

“It will be used as input into the ongoing efforts to update the National Anticorruption Action Plan. One specific area where the authorities have committed to strengthen the existing framework is the asset declaration system for public officials. They endeavored to strengthen it by enacting a new Conduct of Public Officers Act”, it said.

Furthermore, it added that the Ghana Revenue Authority, with support from IMF technical assistance, is developing a plan with the aim to improve the professional standards of tax administration in Ghana”.

Ghana’s performance under programme compelling

The Fund also said Ghana’s performance under the programme has been compelling, both in terms of meeting the quantitative objectives for example on budgetary performance, but also in implementing structural reforms to make the economy more resilient, ensure a lasting improvement in public finances, and lay the foundations for stronger and more inclusive growth.

Despite a difficult global economic environment, it said the authorities’ reforms are bearing fruit, and signs of economic stabilization are emerging.

This includes growth that has proven more resilient than initially envisaged, rapidly declining inflation, improved fiscal and external positions, an increase in the Bank of Ghana’s reserves, and a decrease in exchange rate volatility.

Government makes progress on debt restructuring

The Bretton Wood institution also said the government is making good progress on their comprehensive debt restructuring.

The domestic debt exchange programme was completed last year.

The IMF said the government has recently reached an agreement in principle with their official creditors under the G20’s Common Framework on a debt treatment consistent with the programme. The terms of the agreed debt treatment are expected to be formalized in a Memorandum of Understanding between Ghana and its Official Creditor Committee.

“The authorities are also engaging with their private creditors to seek relief on their external debt, it added.