The International Monetary Fund (IMF) has expressed confidence that Ghana’s recent policy rate hike and ongoing fiscal consolidation efforts will contribute to reducing inflation.
Following the conclusion of its mission to Ghana, the IMF noted that the country remains committed to completing its comprehensive public debt restructuring to restore sustainability. The IMF also highlighted that Ghana is finalizing bilateral agreements with its Official Creditors Committee (OCC) under the G20 Common Framework.
The IMF further stated that Ghana’s authorities are working diligently to reach an agreement with other commercial creditors on a debt treatment plan aligned with programme parameters and the principles of comparability of treatment.
In its statement, the IMF emphasized the importance of structural reforms, particularly in enhancing governance, transparency, and improving the management of State-Owned Enterprises (SOEs) in critical sectors such as gold, cocoa, and energy.
The IMF also welcomed the resumption of quarterly electricity tariff adjustments, which, along with the broader structural reforms, are expected to reduce the energy sector shortfall and prevent the accumulation of new arrears.
Additionally, the IMF noted that Ghana is committed to strengthening its public banks, as recapitalization efforts continue.