While at it, the government said it was committed to the various fiscal policy measures, geared towards mitigating the impact of current global economic headwinds on the economy and Ghanaians.

“The Ministry of Finance further assures Ghanaians of the Government’s steadfast commitment to a speedy economic recovery, towards achieving a Ghana Beyond Aid,” it said in a statement.

 It was released after a delegation from the IMF concluded a one-week working visit to Accra on Wednesday during which it met with stakeholders and discussed possible support for Ghana’s domestic economic recovery programme.

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

The Ministry thanked the Mission Team for their visit, as well as a constructive engagement and observations contained in its end-of-mission press release issued by the Fund.

It said among other things, the Fund, through the release, said Ghana was facing a challenging economic and social situation amid an increasingly difficult global environment.

It also noted that the fiscal and debt situation had severely worsened following the COVID-19 pandemic whilst, whereas investors’ concerns had triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs.

“In addition, 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 manoeuver.

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