IMF Mission Chief for Ghana, Stephane Roudette, has lauded Ghana’s impressive economic achievements despite global adversities, the chief mentioned in a press conference on July 1, 2024.
He highlighted the country’s substantial progress under the IMF-backed Post-COVID-19 Programme for Economic Growth (PC-PEG).
“Ghana’s performance under the PC-PEG has been commendable,” Roudette stated. “The country has surpassed expectations with a strong GDP growth of 4.7% in the first quarter of 2024, demonstrating resilience and effective implementation of fiscal policies.”
He mentioned that Ghana has shown strong overall performance under the program, meeting all quantitative performance criteria for the second review and nearly all indicative targets. One exception was noted.
He highlighted significant advancements in crucial structural reforms, such as improving revenue generation and rationalizing non-priority expenditures, which are expected to bolster the economy upon realization.
Last Friday, the IMF approved the release of the third tranche amounting to $360 million, bringing the total IMF disbursements under Ghana’s three-year bailout program to approximately $1.6 billion.
This decision follows Ghana’s successful negotiation with its Official Creditor Committee, a crucial step required to unlock the third tranche.
Finance Minister Mohammed Amin Adam emphasized the effectiveness of robust measures implemented, attributing them to the recent revitalization of the economy.
“Growth is proving to be more resilient and robust than initially programmed and the economy continues to show strong signs of recovery in Q1 of 2024.
Overall Real GDP growth for Q1 2024 was 4.7%, the highest since Q1 of 2022.
This growth performance is better than the 3.1% growth recorded in the same period in 2023. Industry grew the most at 6.8%, followed by Agriculture at 4.1% and Services at 3.3%. The 2024 Q1 GDP growth rate for industry is the highest since Q4 of 2020,” he said.
Minister Amin Adam also noted the progress in managing inflation and stabilizing the exchange rate. “Headline inflation declined to 23.1% in May 2024 from 25.0% in April 2024, after peaking at 54.1% in December 2022.
The Cedi has also stabilized, with year-to-date depreciation against the US dollar at 18.4%, compared to 22.0% in the same period in 2023.”
The Minister highlighted significant achievements in debt restructuring, noting that Ghana successfully negotiated with the Official Creditor Committee (OCC) to restructure $5.1 billion of its official bilateral loans.
This agreement is expected to provide $2.8 billion in debt service relief from 2023 to 2026.
Furthermore, negotiations with Eurobond holders resulted in restructuring $13.1 billion, leading to the cancellation of $4.7 billion in debt and providing $4.4 billion in debt service relief over the same period.
The Minister reiterated the government’s commitment to maintaining fiscal discipline and implementing ongoing structural reforms aimed at ensuring sustained economic recovery and growth.
“We are committed to sustaining our macroeconomic policy adjustment and reforms to fully restore macroeconomic stability and debt sustainability while fostering a sustainable increase in economic growth and poverty reduction,” he concluded.

















































