The International Monetary Fund (IMF) has described measures announced by the Finance Minister Dr. Cassiel Ato Forson in the Mid-Year Budget Review as fully in line with the Fund programme.
According to the Bretton Woods institution, this will help fast-track efforts aimed at fully stabilising the economy and achieving the objectives of the IMF programme.
The Director of Communications at the IMF, Julie Kozack disclosed this during a question-and-answer session in a press conference in Washington, DC, USA, on July 24, 2024.
Madam Kozack again added that “With respect to the budget, I can say that the IMF has welcomed the government’s corrective actions.”
This includes “A strong 2025 budget and an audit of payables to quantify and address the pre-election fiscal slippages,” she added.
The Director of Communications also praised the government on some measures implemented, especially “public financial management and public procurement acts, and this helps improve the overall fiscal responsibility framework in Ghana”.
On the energy sector, she highlighted what the Ghanaian authorities have done in addressing issues in the sector.
Developments in Monetary Policy Sector
On developments in the Monetary Sector, the Director of Communications at the IMF, noted that “Ghana has made good progress since the beginning of the program in reducing inflation.”
She also mentioned that “Inflation was extremely high at the end of 2022 at 54%, adding that it has now tumbled substantially to 14% at the end of June 2025”.
On sustaining the recent gains in the monetary sector, the IMF Communications Director said, “Going forward, it will be important for monetary policy to remain sufficiently tight, consistent with bringing inflation down to the Bank of Ghana’s target range, which is 8.0% plus or minus 2 percentage points.”
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