IMF reiterates commitment to support Amin Adam

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IMF reiterates commitment to support Amin Adam
IMF reiterates commitment to support Amin Adam

Africa-Press – Ghana. The International Monetary Fund (IMF) has reiterated its satisfaction with the level of progress in the Ghanaian economy under the programme, emphasising its commitment to support the new finance minister, Dr Mohammed Amin Adam.

The assurance from the Fund comes at a crucial moment, as economists have raised concerns regarding the government meeting its growth and revenue mobilization targets.

But speaking at a media briefing monitored in Washington, D.C., the director of the IMF’s communications department, Julie Kozack, assured of the Fund’s commitment to supporting the new finance minister to restore stability in the country’s economy.

“Authorities’ strong policy and reform efforts under the programme are starting to bear fruit, signs of economic stabilization are emerging,” said Julie Kozack, adding, “growth in 2023 proved to be more resilient than initially expected.”

[Screenshot] Press Room, via: IMFKozack continued, “Although volatile inflation is declining rapidly, the fiscal and external positions have improved and exchange rate volatility has declined in the country [Ghana].”

Julie Kozack also emphasised that the Ghanaian authorities have made “good progress on the comprehensive debt restructuring programme,” and a successful engagement with the country’s external creditors.

However, the Fund encouraged Ghanaian authorities to initiate steadfast policies to maintain the successes gained going into the December 7 general elections.

“Looking ahead, steadfast policies and reform implementation will be needed to fully restore macro-economic stability and debt sustainability in Ghana,” said Julie Kozack.

“It will be critical for the government to implement the programme as envisaged to ensure sustainable growth and poverty reduction,” Kozach added.

Kozack maintained that the IMF is “fully engaged and supportive of Ghana’s efforts” under the ongoing programme and the debt restructuring negotiations.

According to the director, the Fund has been in a “continued dialogue with the Ghanaian authorities, including with the minister designate [Dr Amin Adam], when he served as minister of state for finance.”

“And our commitment to assisting Ghana remains steadfast and we look forward to continuing our fruitful cooperation with the new minister,” Kozack stressed.

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