Finance Minister hails IMF approval and recovery progress

Ghana’s economy is recovering faster and more robustly than anticipated, Finance Minister Dr. Mohammed Amin Adam stated at his monthly press briefing on Tuesday.

The strides, he emphasised, are backed by sweeping structural reforms and renewed international confidence.

“The economy is recovering strongly and faster,” Dr. Adam said. “Structural reforms, including those on public financial management, financial sector reforms, revenue optimisation, expenditure rationalisation, social protection, and exchange rate management, have been firmly instituted.”

According to Dr. Adam, a significant milestone in this recovery is the approval by the International Monetary Fund (IMF) Executive Board of the third review of Ghana’s Post COVID-19 Programme for Economic Growth (PC-PEG).

“When we designed the IMF-supported PC-PEG in 2023, we set for ourselves an ambitious objective to restore macroeconomic stability and debt sustainability,” Dr. Adam noted. “The testament by the IMF demonstrates the confidence the international community has in our economy and attests to our firm commitment to the policies, structural reforms, and program objectives and targets under the program.”

He credited Ghana’s resilience and collective effort for the recovery, stating, “It is a testament to our collective effort and resilience that continues to drive Ghana’s economic recovery,” he remarked.

With national elections just four days away, Dr. Adam expressed optimism that Ghanaians would recognise the strides made in stabilising the economy. “The sacrifices people have made to bring this economy to this level are so much appreciated by the government,” he said.

Dr. Adam emphasised the importance of unity among Ghanaians in building a stronger economy, adding that the future is brighter and they will sail through together.