IMF Director Commends Ghana’s Economic Progress Under ECF Program

In 2023, the government of Ghana sought assistance from the International Monetary Fund (IMF) to stabilize the Ghanaian economy. Consequently, Ghana was placed under a 36-month Extended Credit Facility (ECF) program, securing a $3 billion bailout.

On Monday, April 15th, 2024, Dr. Leandro Medina, the IMF director for Ghana, commended the nation’s economy following the receipt of the first tranche, amounting to $600 million.

In an interview with RGGNEWS, an economist and professor of finance, Professor Godfred Bokpin elaborated on why the IMF has praised the Ghanaian economy. He emphasized the existence of an agreement between Ghana and the IMF, establishing the conditionalities for the program.

Professor Bokpin explained that the program focuses on macroeconomic stability, including inflation and structural reforms, which may or may not align with Ghanaian expectations.

He further noted that while inflation may be decreasing, it does not necessarily translate to a drop in food prices, thus the ordinary Ghanaian may not immediately feel the benefits of macro-level stability.

Despite this, Professor Bokpin urged patience among Ghanaians, assuring them that the economy would eventually impact the pockets of ordinary citizens in the coming months, affirming that the government is on the right path.