ACCRA (Reuters) – The International Monetary Fund (IMF) said on Thursday that Ghana’s economy is showing signs of stabilization, with softening inflation, an increase in international reserves and a less volatile exchange rate.
The IMF statement was issued at the end of a week-long visit to the country as part of regular engagements under Ghana’s $3 billion loan programme, which was approved in May.
The West African country is seeking to restructure $20 billion of its roughly $30 billion external debt under the Group of 20’s Common Framework platform, after its finances buckled last year.
“In discussing progress on the debt restructuring operations, we reiterated that timely restructuring agreements with creditors are essential to secure the expected benefits of the Fund-supported program,” the IMF said.
The first formal programme review is expected this autumn, it said in the statement.
(Reporting by Maxwell Akalaare Adombila and Nellie Peyton; Editing by Leslie Adler and Jonathan Oatis)
