The International Monetary Fund (IMF) has expressed strong support for measures outlined by Ghana’s Finance Minister, Dr. Cassiel Ato Forson, in the 2024 Mid-Year Budget Review, describing them as fully aligned with the ongoing IMF-supported programme.

According to the IMF, the initiatives are critical steps toward stabilising the economy and achieving the broader goals of the Fund’s Extended Credit Facility arrangement with Ghana.

Speaking at a press conference in Washington, D.C., on July 24, 2024, the IMF’s Director of Communications, Julie Kozack, commended the government for its fiscal and structural policy direction.

“With respect to the budget, I can say that the IMF has welcomed the government's corrective actions,” she noted.

These actions include the formulation of a robust 2025 budget and an audit of outstanding payables aimed at addressing pre-election fiscal slippages.

Ms Kozack also lauded Ghana’s strides in strengthening public financial management and procurement systems, describing them as essential components in enhancing fiscal discipline and accountability.

On the energy sector, she acknowledged the Ghanaian authorities’ efforts to resolve long-standing issues, which continue to burden the public purse and impede fiscal progress.

Turning to monetary policy, Ms Kozack highlighted Ghana’s progress in curbing inflation, which dropped significantly from 54%.

“Ghana has made good progress since the beginning of the programme in reducing inflation,” she stated, while stressing the importance of maintaining a tight monetary policy stance to sustain this downward trend.

She noted that achieving the Bank of Ghana’s inflation target range of 8% ±2 percentage points will require continued vigilance and policy discipline.