Banking consultant Dr. Richmond Atuahene says Ghana’s programme with the International Monetary Fund (IMF) has played a major role in stabilising key parts of the economy, including inflation, the exchange rate and foreign reserves.
His remarks come as Ghana continues its economic recovery after successfully completing the country’s US$3 billion Extended Credit Facility programme with the IMF.
The government recently announced that Ghana has exited the IMF-supported programme ahead of schedule and will now transition to a non-financing Policy Coordination Instrument framework.
Authorities say the move reflects stronger macroeconomic stability and progress toward debt sustainability following several fiscal and structural reforms.
Speaking in an interview, Dr. Atuahene said the programme had produced clear signs of economic stability.
“The programme has shaped us; we have had inflation down, currency stability and the reserves, although we have not been able to do much on the social reforms,” he said.
He described the latest development as a positive sign for Ghana’s economy.
“We’re on the right trajectory, and it’s a good beginning to go into economic growth,” he stated.
Dr. Atuahene also recalled the severe economic challenges Ghana faced between 2022 and 2023, including rising inflation, growing fiscal deficits and rapid depreciation of the cedi.
“Looking at where we started in 2022-2023, it was terrible as far as inflation was concerned. The fiscal deficit was about 7.9 per cent, and the currency was depreciating like Usain Bolt. Our reserves at one time were $1.7 billion,” he recalled.
