Ghana is currently undergoing a $3billion bailout programme with the IMF
The Director of Communications at the International Monetary Fund (IMF), Julie Kozack, has noted that Ghana’s 2025 Mid-Year Budget Review aligns with the fund’s programme.
According to her, the measures outlined by the government in the policy statement will help in streamlining efforts aimed at the stabilisation of the Ghanaian economy.
Kozack again added that; “With respect to the budget, I can say that the IMF has welcomed the government’s corrective actions.” She said this during a question-and-answer session in a press conference in Washington, DC, USA, on July 24, 2024.
According to her; “A strong 2025 budget and an audit of payables to quantify and address the pre-election fiscal slippages.”
Kozack also noted that the government’s resolve to settle its debts, among other commitments, is laudable and significant of intentional recovery processes.
She lauded the government’s drive to ensure “public financial management and public procurement acts,” adding that “this helps improve the overall fiscal responsibility framework in Ghana.”
Overall she noted that the government has been proactive in tackling inflation and exchange rate issues.
She advised that the Central Bank tighten its monetary policy to tame inflation.
“Ghana has made good progress since the beginning of the program in reducing inflation. Inflation was extremely high at the end of 2022 at 54%,” adding that it has now tumbled substantially to 14% at the end of June 2025.
“Going forward, it will be important for monetary policy to remain sufficiently tight, consistent with bringing inflation down to the Bank of Ghana’s target range, which is 8.0% plus or minus 2 percentage points,” she was quoted by myjoyonline.com to have said.
SSD/AE
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