The International Monetary Fund’s (IMF) Mission Chief to Ghana, Stéphane Roudet, has asked managers of Ghana’s economy to work towards improving the inflation rate in the country despite the little strides made so far.
He has asked the Finance Ministry not to be complacent with the few successes chalked so far, but rather put in extra effort to curtail inflation to its barest minimum to reduce the stress it brings on the citizens.
Speaking at a joint press conference between the Finance Ministry and the IMF staff team in Ghana Friday, October 6, 2023, Mr. Roudet noted that the inflation figure which was at 54 per cent at the end of 2022 is steadily improving with its current rate at 40 per cent.
“We coming from a position where inflation was 54 per cent at the end of last year, so the travelling direction is certainly the right one and things are improving,” he noted.
The Mission Chief cautioned Ghana not to be complacent but can do better. “Again, this is not the end of the road [because] inflation is at 40 per cent, everybody in this room wants to see it much lower,” he encouraged.
Generally, the Fund has confirmed that Ghana’s economy is currently on the right path to recovery with a rapid turnaround of events rather than envisaged for the year 2023.
According to the IMF, Ghana is experiencing a macro-economic stability with its international reserves having a steady increase.
“We also have the adjustment and fiscal position the Minister mentioned the numbers for June much better than the target,” Mr Roudet told the press.
“The external position in general is stronger, the currency has become much less volatile than what Ghana has experienced at the end of last year when it was a very challenging situation.
“So, clearly there is a turnaround, there is an improvement and signs of macroeconomic stability are now emerging.”
