IMF commends BoG for rebuilding Ghana’s International Reserves

The International Monetary Fund (IMF) praised the Bank of Ghana (BoG) for its dollar accumulation programme to rebuild the country's international reserves, noting significant progress since Ghana joined the IMF programme in 2023.

The IMF lauded the BoG's prudent monetary policy, which has helped reduce inflation rapidly. BoG Governor Dr. Ernest Addison reported an increase in Ghana's international reserves to $6.59 billion by April 2024, up from $5.91 billion in December 2023.

The IMF also acknowledged measures to strengthen financial sector stability but expressed concerns about high food inflation and payments to Independent Power Producers. The IMF emphasized the need for sustained macroeconomic reforms.