The International Monetary Fund (IMF) has warned Ghana that the economic progress achieved under the Extended Credit Facility (ECF) programme remains fragile and requires sustained efforts to maintain.

In its latest report, the IMF acknowledged some improvements in stabilising Ghana’s economy but highlighted vulnerabilities, including external shocks, delayed policy reforms, and ongoing structural weaknesses. The IMF stressed that continued fiscal discipline, improved revenue collection, and timely execution of reforms will be key to securing the country’s recovery.

The Fund also emphasized the need for a tight monetary policy to reduce inflation, rebuild international reserves, and improve foreign exchange market operations. Delays in securing key funding, particularly from donors like the World Bank, could hinder Ghana’s fiscal stabilisation efforts.

The IMF urged the government to stay focused on its reform agenda, warning that any deviations could reverse the progress made. It called for strong collaboration between policymakers, Parliament, and stakeholders to ensure the success of the reform programme, which is crucial for long-term economic stability.

Political tensions surrounding the December 7, 2024, general elections have contributed to delays in critical reforms, with debates centred on tackling debt, increasing employment, and addressing high living costs—issues in line with the current ECF programme’s objectives.

Source:TheDotNews