Ghana’s economy is rebounding due to key structural reforms

Abena Osei-Asare, Minister of State at the Ministry of Finance

The Minister of State at the Finance Ministry, Abena Osei-Asare, has expressed confidence in Ghana’s economy bouncing back due to key structural reforms being implemented by the government to support and sustain recent growth.

The International Monetary Fund (IMF) recently revised Ghana’s growth projection rate from 2.8% to 3.1% for the 2024 fiscal year.

The Fund’s Mission Chief, Stephane Roudet, said the revision was based on signs of economic stabilization emerging in Ghana.

Building on this, the Minister of State delivered remarks at the inaugural Quarterly Economic Round Table (QER) held at the ISSER Conference Hall on July 2, 2024, stating that the government will consolidate the gains made so far.

She also mentioned efforts to contain the Cedi’s decline against the US dollar and improve gross international reserves.

“The recent pressures on the Cedi are being contained, our gross international reserves are improving, fiscal consolidation is holding, and the rate of accumulation of public debt is declining following the successful completion of the debt restructuring program,” she said.

“We are implementing key structural reforms to support growth. Just last Friday, the IMF board approved the second review and US$360 million related to the program was approved,” Osei-Asare said.

She continued, “I am confident that our steadfast commitment and results underpin the restoration of confidence in our economy. We have achieved impressive results from our economic engagements with our bilateral and multilateral counterparts. We have successfully completed the restructuring of our external debts with private creditors.”

The inaugural Quarterly Economic Roundtable (QER) is a collaboration between the Ministry of Finance and the University of Ghana to bridge the gap between policymakers and academia.

This national initiative aims to promote research-driven and evidence-based policy formulation.

The first event, which was on the theme; ‘Restoring Macroeconomic Stability’ and touched on key aspects of fiscal, debt, and monetary policies.

MA