Ghana Making Steady Progress Under IMF Program
Ghana’s economic recovery under the International Monetary Fund (IMF) program is showing positive signs, according to Karen Kwarteng, Head of Global Market Sales at Stanbic Bank Ghana.
Speaking in a recent CNBC Africa interview, Madam Kwarteng highlighted the country’s strides toward stabilization while acknowledging some fiscal challenges.
According to her, Ghana’s latest two-week IMF review focused on the country’s 2024 fiscal performance, with authorities assessing key program indicators. While she admitted there have been some fiscal slippages and inflation exceeding targets, she remained optimistic about Ghana’s commitment to meeting its fiscal surplus goals.
She emphasized that while challenges remain, Ghana’s adherence to IMF-mandated reforms will be crucial in sustaining economic recovery. “The government has demonstrated a strong commitment to fiscal discipline. Initiatives like the Transformation Tax Amendment Bill and reforms in public procurement are critical steps toward maintaining stability and ensuring long-term growth,” she said.
Touching on the newly established Gold Board, which now holds exclusive rights to buy, sell and export artisanal and small-scale mining gold, Madam Kwarteng praised the move as a significant step toward enhancing oversight and transparency in the industry. “The Gold Board’s mandate ensures that Ghana retains greater control over its gold resources. By restricting foreign involvement in local gold buying, the government is tackling illegal mining and ensuring that the sector’s benefits stay within the country,” she stated.
Data from 2024 showed that small-scale mining contributed the majority of Ghana’s gold output, reinforcing the need for effective regulation. Kwarteng added that the Gold Board’s role in policy oversight and licensing will be vital in driving sustainable growth in the sector.
On the currency front, Madam Kwarteng pointed to the central bank’s planned $120 million auction for bulk oil distribution companies in the second quarter as a further measure to support the currency. “The Bank of Ghana’s strong reserve position, standing at $9.4 billion, provides a solid buffer. This ensures sufficient import cover and reinforces confidence in the cedi’s stability moving forward.”
She further emphasized the importance of continued fiscal prudence, sustainable resource management, and currency stability to secure Ghana’s economic future. “Ghana is on the right path, but consistency in policy implementation will be key. If the government maintains its reform momentum, the country can achieve lasting economic resilience and growth,” she noted.
Picture: Karen Judy Kwarteng, Head Global Market Sales, Corporate & Investment Banking, Stanbic Bank Ghana