IMF revises Ghana’s growth rate from 2.8% to 3.1% for 2024

IMF revises Ghana’s growth rate from 2.8% to 3.1% for 2024

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The International Monetary Fund (IMF) has revised its growth projection for Ghana from 2.8% to 3.1 % for this year, the IMF Mission Chief for Ghana, Stéphane Roudet has said.

The International Monetary Fund’s (IMF) executive board on Friday (28 June) approved the second review of Ghana’s US$3 billion loan programme.

The latest approval allows for the immediate disbursement of US$360 million to the country to boost its economic recovery.

The decision comes after the country finalised a deal with its official creditor committee – a step that had been a pre-requisite to unlock the second tranche.

The new tranche will take total IMF disbursements under the three-year bailout programme designed to help Ghana out of its economic challenges to about US$1.6 billion.

Speaking at a joint IMF/Ministry of Finance news conference in Accra on Monday (1 July), Roudet said ” Signs of economic stabilization are emerging, for example, economic growth has proven more resilient than initially envisaged, therefore we are revising our growth projection up from 2.8% to 3.1% for 2024.”

“Inflation is declining rapidly from 54 % in December 2022 to 23% in May 2024 and Ghana’s International Reserve has been increasing,” he added.

Credit: Asaase Radio Online

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