The International Monetary Fund (IMF) has stated that the recent increase in the policy rate and the ongoing fiscal consolidation will bring inflation down.

In a statement after its mission to Ghana concluded its work, the Fund said Ghana remains committed to completing its comprehensive public debt restructuring to restore sustainability.

It pointed out that the Memorandum of Understanding (MoU) with Ghana’s Official Creditors Committee (OCC) under the G20 Common is now finalising the bilateral agreements to implement the MoU.

It added that the authorities are also pursuing good-faith efforts in reaching an agreement with other commercial creditors on a debt treatment that is in line with programme parameters and the comparability of treatment principles.

The mission engaged the authorities on their wide-ranging structural reform programme, with a focus on enhancing governance and transparency and strengthening State-Owned Enterprises management in the gold, cocoa, and energy sector.

It continued that the resumption of quarterly electricity tariff adjustments, combined with structural reforms, will help reduce the energy sector shortfall and stop the accumulation of new arrears.

It concluded that the authorities are committed to strengthening public banks  as recapitalization progresses.