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Ghana and the International Monetary Fund (IMF) have identified specific policies to support Ghana’s enhanced domestic programme to help the country navigate the current economic difficulties.

At the end of a meeting between Ghana and the IMF, which ended on Wednesday, October 19, in Washington, DC, Mr Stéphane Roudet, the IFM team lead described the discussions between the parties as “fruitful.”  

The IMF team met with the Finance Minister, Ofori-Atta, Bank of Ghana Governor Addison and their teams, as part of continued discussions on a possible IMF-supported programme. 

“We made good progress in identifying specific policies that would restore macroeconomic stability and lay the foundation for stronger and more inclusive growth,” Mr Roudet said in a statement. 

He also said: “The IMF team and the Ghanaian authorities remain fully committed to reaching agreement on a framework and policies for an IMF-supported programme as soon as feasible.”  

The IMF team lead said the discussions would continue in the weeks ahead, with a follow-up mission to take place expeditiously. 

Before the meeting in Washington DC, the IMF team met with Ghanaian authorities to analyse the country’s ability to finance its policies as well as its ability to pay principal and interest on loans on time (debt sustainability analysis). 

The IMF is yet to finalise the Debt Sustainability Analysis on Ghana – an exercise is done as part of its advice on macroeconomic policies, both in the context of IMF-supported programmes and surveillance to ensure that a country’s debt obligation is met without unduly large adjustments. 

Ghana, just like other countries worldwide, is going through economic hardship, which some authorities, including the IMF and World Bank, have attributed, mainly to the aftermath of the COVID-19 pandemic and the Russia-Ukraine war. 

This has resulted in hikes in food, fuel and transport price hikes, as inflation continues to rise, together with depreciation of the local currency (the Cedi) against the Dollar, and its attendant exchange rate pressures. 

The Government has admitted the economic hardship and echoed its commitment to ensuring that policies and programmes including the ongoing negotiations with the IMF for a loan support programme, would help alleviate the sufferings of Ghanaians in the shortest time possible.