Browsing: Macroeconomic Stabilization

• Ghana’s economy is showing signs of stabilization, which is attributable to the authorities’ steadfast rollout of its IMF-supported economic program.
• The country’s crises were a result of preexisting vulnerabilities and substantial external shocks.
• Two years ago, elevated fiscal deficits and public debt levels, together with the combined effects of the COVID-19 pandemic, Russia’s war in Ukraine, and global monetary policy tightening, hit the country hard.

Renewed optimism for Ghana’s economy

The International Monetary Fund (IMF) has expressed optimism that Ghana is currently making essential inroads to stabilize its economy as continued program implementation beckons a brighter future.

This after the economy suffered a substantial economic and financial crisis in the better part of 2022 that made the cocoa and gold producers request the IMF support programme.

“Ghana’s crises were as a result of preexisting vulnerabilities and substantial external shocks,” the lender says.

“Two years ago, elevated fiscal deficits …