The Finance Minister, Dr. Mohammed Amin Adam, has reiterated the government’s strong commitment to fiscal discipline as Ghana prepares for the upcoming elections.
Speaking at a joint press briefing with the International Monetary Fund (IMF), Dr. Adam emphasized the importance of sustainable economic policies that will remain in place regardless of the electoral cycle.
He highlighted that Ghana has reached a Staff Level Agreement (SLA) with the IMF following the successful completion of the 3rd Review of the Post-COVID-19 Programme for Economic Growth (PC-PEG).
This agreement is expected to lead to a disbursement of $360 million from the IMF, totaling $1.992 billion under the program.
Dr. Adam acknowledged the support from the Ghanaian people, stating that their backing has been instrumental in the government’s progress.
He provided an overview of the country’s economic performance, noting a real GDP growth rate of 5.8% for the first half of 2024, which is significantly higher than the previous year’s performance.
The Minister affirmed the government’s dedication to implementing sound fiscal policies, strengthening the financial sector, and restoring confidence in the economy.
He also mentioned ongoing reforms in the energy sector and measures to enhance revenue collection and expenditure controls as critical components of the economic agenda leading up to the elections.
IMF Mission Chief for Ghana, Mr. Stéphane Roudet, echoed Dr. Adam’s sentiments, stating that the program performance has been satisfactory, with notable progress in debt restructuring.
He stressed the need for continued implementation of policy reforms to ensure macroeconomic stability and debt sustainability.
As Ghana navigates its economic recovery, the government’s commitment to financial discipline will play a crucial role in addressing the challenges faced by the nation and securing a stable economic future.
