End of Working Visit by the International Monetary Fund (IMF)

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A delegation from the International Monetary Fund (IMF or the Fund), on Wednesday 13th July, 2022, concluded a one-week working visit to Accra. During the visit, the IMF delegation held high level meetings with stakeholders and discussed possible support for Ghana’s domestic economic recovery programme.

The Ministry of Finance wishes to thank the Mission Team for their visit, as well as a constructive engagement.

The Ministry also takes note of the end-of-mission press release issued by the Fund on 13th July, 2022, which among other things states:

• Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment. The fiscal and debt situation has severely worsened following the Covid-19 pandemic. At the same time, investors’ concerns have triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs.
   
• In addition, the global economic shock caused by the war in Ukraine is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for manoeuver.
   
• These adverse developments have contributed to slowing economic growth, accumulation of unpaid bills, a large exchange rate depreciation, and a surge in inflation.
   
• The IMF team held initial discussions…focused on improving fiscal balances in a sustainable way while protecting the vulnerable and poor; ensuring credibility of the monetary policy and exchange rate regimes; preserving financial sector stability; and designing reforms to enhance growth, create jobs, and strengthen governance.

The Government of Ghana will continue to work closely with the IMF in the coming weeks to complete our enhanced economic programme, in support of a robust economic recovery.

In the meantime, Government reiterates its commitment to the various fiscal policy measures, geared towards mitigating the impact of current global economic headwinds on the economy and Ghanaians.

The Ministry of Finance further assures Ghanaians of the Government’s steadfast commitment to a speedy economic recovery, towards achieving a Ghana Beyond Aid.

Distributed by APO Group on behalf of Ministry of Finance – Republic of Ghana.