https://en.sputniknews.africa/20230616/ghanas-economy-showing-signs-of-stabilization-says-imf--1059962614.html
Ghana's Economy 'Showing Signs of Stabilization', Says IMF
Ghana's Economy 'Showing Signs of Stabilization', Says IMF
Sputnik Africa
In mid-May, the global financial institution endorsed a multibillion-dollar loan to Ghana to help the country "rebuild" its economy, which has been hit hard by... 16.06.2023, Sputnik Africa
2023-06-16T17:05+0200
2023-06-16T17:05+0200
2023-08-03T10:44+0200
sub-saharan africa
ghana
west africa
international monetary fund (imf)
loan
china
economy
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The International Monetary Fund team, following their mission to Ghana, acknowledged the positive signs of stabilization in the West African nation's economy.The IMF statement was issued at the end of a week-long visit to the country as part of regular discussions on recent economic developments and the implementation of the program of financial assistance backed by the UN financial agency.The IMF package aims to boost Ghana's foreign exchange reserves to support its economic recovery with an immediate payment of about $600 million. The loan aims to replenish national foreign exchange reserves, which have shrunk by nearly 50% since peaking in August 2021 as the central bank used them to protect the national currency, the cedi.The Ghanaian Ministry of Finance said in April that about $20 billion in foreign loans were expected to be included in the restructuring of foreign debt, a task that the IMF called "essential" in its latest report.Another benefactor helping the African country's economic recovery is China, who the Ghanaian president described as a "strong friend" that has supported Ghana's economy in "times of difficulties."According to the IMF report, the West African country owes China $1.9 billion.
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ghana, west africa, international monetary fund (imf), loan, china, economy
Ghana's Economy 'Showing Signs of Stabilization', Says IMF
17:05 16.06.2023 (Updated: 10:44 03.08.2023) In mid-May, the global financial institution endorsed a multibillion-dollar loan to Ghana to help the country "rebuild" its economy, which has been hit hard by the COVID-19 pandemic, high public debt and a decline in cocoa production in recent years.
The International Monetary Fund team, following their mission to Ghana,
acknowledged the positive signs of stabilization in the West African nation's economy.
“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," the statement said.
The IMF statement was issued at the end of a week-long visit to the country as part of regular discussions on recent economic developments and the implementation of the program of financial assistance backed by the UN financial agency.
The IMF package
aims to boost Ghana's foreign exchange reserves to support its economic recovery with an immediate payment of about $600 million.
The loan aims to replenish national foreign exchange reserves, which have shrunk by nearly 50% since peaking in August 2021 as the central bank used them to protect the national currency, the cedi.
The Ghanaian Ministry of Finance said in April that about $20 billion in foreign loans were expected to be included in the restructuring of foreign debt, a task that the IMF called "essential" in its latest report.
"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 statement stressed.
Another benefactor helping the African country's economic recovery is China, who the Ghanaian
president described as a "strong friend" that has supported Ghana's economy in "times of difficulties."
According to the IMF report, the West African country owes China $1.9 billion.
