Domestic economy remains stable – BoG

The Bank of Ghana has indicated that domestic macroeconomic conditions remain stable.

According to the Bank of Ghana, data observed through October 2024 indicated broad stability in the macroeconomic indicators.

“Growth outturn so far has been strong, and leading indicators of economic activity is projecting stronger growth in the second half of the year, business and consumer confidence is slowly turning around, core inflation remains broadly stable, the financial sector inflation expectations remain broadly anchored, reserve build-up has been sufficient to provide confidence, and the currency is recording some appreciation”, it disclosed in its Monetary Policy Committee statement.

It added that the third review assessment of the International Monetary Fund (IMF) on the economy and on programme implementation also reflected a positive assessment and led to a Staff level Agreement. Indications are that the IMF Board will meet this month to assess programme implementation so far and assess forward-looking prospects of the economy.

The Central Bank said a successful completion of the assessment will likely trigger the release of additional US$360 million in December 2024.

This it added should provide more impetus to stability.