The International Monetary Fund has commended the government of Ghana and the Minister of Finance Ken Ofori Atta for ensuring a faster recovery of the country’s economy
A statement released by the IMF staff after its visit to the country last week said “IMF staff held meetings with H.E. President Akufo Addo, H.E. Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies, the Parliament’s Finance Committee, the private sector, and civil society. Staff would like to express their gratitude to the Ghanaian authorities and other stakeholders for their constructive engagement and support during this mission.”
“During the visit, we discussed recent macroeconomic developments. Against a complex global economic backdrop, the Ghanaian economy is showing signs of stabilization, with softening inflation, an increase in international reserves, and a less volatile exchange rate.
“We also took stock of the authorities’ progress in meeting key commitments under the Fund-supported program. These will be formally assessed in the context of the first review of the Extended Credit Facility arrangement, which is expected to be undertaken in the autumn. In discussing progress on the debt restructuring operations, we reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported program.
The International Monetary Fund (IMF) staff team was led by Stephaney Roudet. The visit was part of IMF’s regular engagement with the Ghanaian authorities and other stakeholders. The discussions focused on recent economic developments and implementation of the Fund-supported program approved on May 17, 2023.
Meanwhile The Ghana Statistical Service (GSS), has disclosed that the economy experienced a notable growth of 4.2 percent in the first quarter of 2023 when compared to the corresponding period in 2022.
The GSS data further revealed a positive development in the country’s real GDP, with a 1.1 per cent increase in the first quarter, surpassing the previous quarter’s record by 0.3 percentage points.
Government Statistician, Prof Samuel Kobina Annim, emphasized that the growth was primarily propelled by the services and agricultural sectors.
“In the first quarter of 2023, the growth rate was primarily driven by the services sector, which exhibited an impressive expansion of 10.1%.
This growth was predominantly influenced by the public administration sub-sector. Additionally, the agricultural sector experienced a growth rate of 4.8%,” Prof Annim explained.
He further highlighted the significance of specific sub-sectors within these industries.
“Within the services sector, public administration played a significant role, while in agriculture, the livestock sub-sector demonstrated the highest growth rate of 6.6%. It is important to note that although livestock exhibited the highest growth rate, the agricultural sector’s overall growth was also influenced by the positive performance of crops, including cocoa, which holds the largest share,” he elaborated.
Prof Annim emphasized the need to consider not only the main sectors but also the sub-sectors, such as public administration and livestock, as their contributions were instrumental in driving the overall growth rate.
