The discussions focused on improving fiscal balances in a sustainable way while protecting the vulnerable and poor; ensuring credibility of the monetary policy and exchange rate regimes; preserving financial sector stability, and designing reforms to enhance growth, create jobs, and strengthen governance.

At the conclusion of the mission, the IMF team led by its Division Chief, Carlo Sdralevich, concluded that “Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment. The fiscal and debt situation has severely worsened following the COVID-19 pandemic.”

It said the global economic shock caused by the war in Ukraine “is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for manoeuvre.”

“These adverse developments have contributed to slowing economic growth, accumulation of unpaid bills, a large exchange rate depreciation, and a surge in inflation.”

The IMF team met with H.E. Vice President Bawumia, Finance Minister Ken Ofori-Atta, and Governor Addison of the Bank of Ghana

The team also met with the Parliament’s Finance Committee, civil society organisations, and development partners, including UNICEF and the World Bank, to engage in social spending.