IMF Staff Concludes Visit to Ghana

IMF News, June 15, 2023

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IMF Staff Concludes Visit to Ghana

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Bibliographic details

• Published: June 15, 2023

Mission overview

• Press Release No. 23/214
• Date: June 15, 2023
• IMF staff team led by Stéphane Roudet visited Ghana during June 8-15.
• The visit was part of the IMF’s regular engagement with the Ghanaian authorities and other stakeholders.
• The mission will not result in a Board discussion.
• The views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

Key findings from the mission

• The discussions focused on recent economic developments and implementation of the Fund-supported program approved on May 17, 2023.
• The Ghanaian economy is showing signs of stabilization, with:
  • softening inflation,
  • an increase in international reserves,
  • a less volatile exchange rate.
• Progress on key commitments under the Fund-supported program was reviewed; these commitments will be formally assessed in the context of the first review of the Extended Credit Facility arrangement.
• The first review of the Extended Credit Facility arrangement is expected to be undertaken in the Autumn.
• On debt restructuring operations, IMF staff reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported program.

Program and financing

• IMF Executive Board approved a US$3 Billion Extended Credit Facility Arrangement for Ghana on May 17, 2023.

Engagements and stakeholders met

• IMF staff held meetings with:
  • H.E. President Akufo Addo,
  • H.E. Vice President Bawumia,
  • Finance Minister Ofori-Atta,
  • Bank of Ghana Governor Addison,
  • their teams,
  • representatives from various government agencies,
  • the Parliament’s Finance Committee,
  • the private sector,
  • civil society.
• IMF staff expressed gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support during the mission.

Contact and media

• IMF Communications Department — MEDIA RELATIONS
• PRESS OFFICER:
  • Phone: +1 202 623-7100
  • Email: MEDIA@IMF.org
  • Twitter: @IMFSpokesperson

Source: IMF Staff Concludes Visit to Ghana (Press Release No. 23/214), June 15, 2023.

References

• Ghana and the IMF
• Press Releases
• PRESS CENTER
• Fund-supported program
• [IMF Executive Board Approves US$3 Billion Extended Credit Facility

Arrangement for Ghana](https://www.imf.org/en/News/Articles/2023/05/17/pr23151-ghana-imf-executive-board-approves-extended-credit-facility-arrangement-for-ghana)

• https://IMF.org/Ghana/qandas
• https://IMF.org/Ghana
• https://www.imf.org/en/home