Accra: Banking consultant Richmond Atuahene has praised Ghana's International Monetary Fund (IMF) programme, saying it played a crucial role in stabilising key economic indicators, including inflation, the exchange rate, and foreign reserves, after several years of economic difficulties. His comments follow the government's announcement that Ghana has completed the IMF-supported US$3 billion Extended Credit Facility programme ahead of schedule and will transition to a non-financing Policy Coordination Instrument (PCI) framework.
According to Ghana Web, Atuahene, in an interview on Channel One TV, noted that the country's current economic direction offers hope for stronger growth prospects and has helped restore investor confidence in the Ghanaian economy. He stated that the programme has led to reduced inflation, currency stability, and stronger reserves, although it has not significantly impacted social reforms. Atuahene emphasized that Ghana is on the right trajectory towards sustained economic growth.
Atuahene also reflected on the severity of Ghana's economic crisis between 2022 and 2023, highlighting the challenges of soaring inflation, a widening fiscal deficit, and sharp currency depreciation during that period. He explained that Ghana entered the IMF programme in 2023 as part of efforts to restore macroeconomic stability and restructure its debt after the economy faced severe pressure from rising inflation, debt distress, and cedi depreciation.
He recalled the dire economic conditions in 2022 and 2023, mentioning that inflation was extremely high, the fiscal deficit was about 7.9 percent, and the currency's depreciation was rapid. At one point, Ghana's foreign reserves were alarmingly low at $1.7 billion.