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IMF Raises Ghana’s 2024 Growth Projection To 3.1%

THE IMF announced on Monday that it has revised its growth projection for Ghana’s economy in 2024 to 3.1 percent, up from the previous estimate of 2.8 percent. This announcement was made by Stephane Roudet, the IMF mission chief for Ghana, during a joint press briefing with Ghana’s Ministry of Finance and the Bank of Ghana, highlighting notable improvements in the country’s economic outlook.

‘The Ghanaian government has made significant headway in its debt restructuring strategy,’ stated Roudet. ‘The agreement with the official creditor committee under the Group of 20 common framework on a memorandum of understanding, formalising the agreement in principle reached last January, was a key milestone.’

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Roudet emphasised that the government’s efforts have begun to yield positive results, with signs of economic stabilisation and growth proving more resilient than initially anticipated. ‘Therefore, we are revising our growth projection up from 2.8 percent to 3.1 percent for 2024,’ he said.

He also urged the Ghanaian government to maintain its policy reform agenda, which is crucial for fully restoring macroeconomic stability and debt sustainability.

Last Friday, the IMF executive board authorised the release of an additional $360 million to Ghana. This marks the third payout to the country, bringing the total disbursement received by Ghana to $1.56bn from the $3bn loan approved by the IMF in May last year.

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