'By no means are we there but we are on the right track' – IMF on Ghana’s recovery

The Resident representative of the International Monetary Fund (IMF) in Ghana, Dr. Leandro Medina, has stated his optimism about Ghana’s economic recovery as he emphasizes that the country is doing things right.

According to him, the economic indicators have shown that the country’s recovery might happen sooner than projected.

Dr Medina said even though the indicators like inflation are decreasing there is still more to be achieved.

“Despite a very difficult external environment, macro has been quite resilient, when you look at growth, we had to upgrade our projections because growth in 2023 has been more resilient, Inflation has been on a decreasing path, reserves have been increasing, and exchange volatility has also decreased.

“It is extremely important to know where we are and where we intend to be. By no means are we there, [but] when we see early signs of stability emerging, this means that for example, inflation is down from 54 to 23, 23 is still high for inflation and way above the BoG target but we are getting there, we are on the right track,” he was quoted by citinewsroomonline.com.

He said government has taken the necessary measures to put the country in the right path.

“The critical reforms have been made, critical actions by authorities have been taken and we are on the right path. Are we there? not yet, there are key objectives of this programme, that is to restore macroeconomic stability, secure sustainability, and lay the foundations for more durable and higher and more inclusive growth, we are not there yet but we are on the right path,” he said.

SSD/NOQ

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