IMF Managing Director commends Ghana’s economic policies for yielding positive outcomes

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), has lauded Ghana’s economic policies, asserting that the nation’s concerted efforts under the IMF programme are beginning to manifest positive outcomes.

Highlighting the significance of the policy and reform commitments outlined in Ghana’s agreement with the IMF, Ms Georgieva underscored their alignment with the best interests of the Ghanaian people. Via a post on the X platform (formerly Twitter), she conveyed the satisfaction of the IMF board with the assurances received from Ghana’s external creditors.

“Wonderful to see President Nana Addo Dankwa Akufo-Addo and Ghana’s Finance Minister, Ken Ofori-Atta at #WEF24. The policy and reform commitments under Ghana’s economic program are starting to bear fruit,” she tweeted.

Ms Georgieva specifically commended the debt treatment agreement reached between Ghana and the Official Creditor Committee, characterizing it as consistent with the objectives of the IMF-supported program. This agreement, aimed at restoring macroeconomic stability and debt sustainability, holds strategic importance in building resilience and laying the foundations for robust and inclusive growth.

Expressing gratitude to the Official Creditor Committee, with special recognition for co-chairs China and France, she acknowledged their pivotal role in reaching this significant agreement.

“I welcome Minister of Finance Ofori-Atta’s announcement that the Ghanaian authorities have reached an agreement in principle with their official creditors on a debt treatment, consistent with the objectives of the IMF-supported programme, which aims to restore macroeconomic stability and debt sustainability, build resilience, and lay the foundations for stronger and more inclusive growth”.

“I want to thank the Official Creditor Committee, especially the co-chairs, China and France, for all their work to reach this agreement. This is another substantial milestone for the G20 Common Framework under which G20 creditors joined forces to agree on debt relief for Ghana”, she noted.

The announcement marks a substantial milestone for the G20 Common Framework, a collaborative platform where G20 creditors join forces to facilitate debt relief initiatives for Ghana.

As Ghana continues to navigate its economic trajectory, Georgieva’s statements underscore the global endorsement of the nation’s commitment to implementing vital reforms and ensuring a resilient and sustainable economic future.