IMF Staff Country Reports

This paper presents Ghana’s 2023 Article IV Consultation, First Review under the Extended Credit Facility Arrangement under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review. Ghana’s performance under the program has been strong. All quantitative performance criteria for the first review and almost all indicative targets and structural benchmarks were met. The authorities’ reforms are bearing fruit, and signs of economic stabilization are emerging. Growth in 2023 has proven resilient, inflation has declined, and the fiscal and external positions have improved. Progress is also being made on debt restructuring, with the domestic debt exchange completed over the summer and an agreement recently reached on the restructuring of official bilateral debt. Sound policies and reforms should foster a recovery and further reduce inflation over the medium term. Downside risks include slippages in program execution, delays in restructuring debt, and deterioration in the external environment.