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$3 billion deal: Ghana’s policy and reform pledges are paying off, according to the IMF Boss

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$3 billion deal: Ghana's policy and reform pledges are paying off, according to the IMF Boss 4

The International Monetary Fund’s (IMF) Managing Director, Kristalina Georgieva, has noted that Ghana, a country rich in natural resources, is beginning to see results from the policies and reforms the government implemented as part of a $3 billion initiative.

Following her meetings with Finance Minister Ken Ofori-Atta and President Nana Addo Dankwa Akufo-Addo at the 2024 World Economic Forum (WEF) Annual Meetings, which are taking place in Switzerland from Tuesday, January 16, to Friday, January 19, Kristalina Georgieva made this statement.

It was a pleasure to see the Minister of Finance and Nana Addo Dankwa Akufo-Addo at #WEF24. Following their involvement, she stated on her X platform, “The policy and reform commitments under Ghana’s economic program are starting to bear fruit.”

Prior to this, President Nana Addo Dankwa Akufo-Addo said that the government had overcome its difficulties.

To consolidate the achievements, he consequently urged for closer ties and increased policy coordination between the Ministry of Finance and the Bank of Ghana (BoG).

The President stated that the successful collaboration between the BoG and the International Monetary Fund (IMF) in the $3 billion initiative is producing the desired outcomes in a remark he gave at the BoG’s end-of-year cocktail party last week.

“It is evident that inflation is being controlled as it decreased from 5.4% in December 2022 to 26.4% in November 2023,” the speaker stated.

“We are also seeing a prolonged period of exchange rate stability. The BoG’s numerous corporate governance initiatives, which aim to prevent bank collapses in the future and guarantee that the banking industry is robust enough to spearhead the reform agenda, also give me hope.

The BoG’s recent policy changes are praiseworthy and consistent with attempts to put Ghana out of its current aid predicament. The bank’s part in the economy’s digitization has also piqued my curiosity. To promote shared prosperity for all Ghanaians, the architecture of our payment system has undergone a full transformation, and financial inclusion has been strengthened.

“All these contribute to the BoG’s status as an exceptional institution, which is in line with the central bank’s recent recognition on a global scale. The BoG has been named the Central Bank of the Year twice, and Dr. Ernest Addison, the governor, was named the Central Bank Governor of the Year once, according to the President.

He concluded by saying, “I know the bank has had a difficult year, but the bank has been able to overcome the challenges and emerge even stronger thanks to the outstanding leadership and the committed workforce of the BoG. I want to emphasize that despite my congratulations for the bank’s accomplishments throughout the years, everyone must pull together to meet the current economic challenges. With God’s help, we’ve turned the corner, and I want to stress again how important it is that the Ministry of Finance and the BoG work together more closely and coordinate their policies.

This is a plea for the bank, within the parameters of its operational independence mandate, to take the lead in developing and putting into action the policies necessary to bring about the much-needed economic reform. In doing so, the bank should continue to concentrate on carrying out its purpose while ignoring the mischievous actions of misguided elements.

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$3 billion deal: Ghana's policy and reform pledges are paying off, according to the IMF Boss 5

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