Governor Addison urges Gov’t focus on 2nd IMF programme review and structural reforms in 2024


Governor of the Central Bank of Ghana, Dr. Ernest Addison, has highlighted the need for the Government to shift focus towards the second review of the IMF program and emphasized the importance of continued vigilance and commitment in 2024 to implement structural reforms outlined in the program.

Speaking at a joint press conference by the IMF, the Finance Ministry and the Bank of Ghana, on Friday, January 19, 2024, the Governor acknowledged that there were positive signs of sound policy implementation up to December 2023 but stressed the necessity for sustained efforts in 2024 and beyond.

Dr. Addison expressed confidence in the ongoing economic recovery process but noted that challenges lie ahead, he emphasized the critical role of executing structural reforms to ensure the proper functioning of the economy.

Despite these challenges, the Governor remains optimistic about the country’s economic recovery and stressed the significance of undertaking the required structural reforms. These reforms, according to Dr. Addison, are crucial for the long-term sustainability of the country’s economic performance.

“With a successful conclusion of the first review, we need to begin to think of the second review of the programme and beyond. While tentative indications point to sound implementation of policies through to December 2023, vigilance and commitment will be needed in 2024 to undertake all the structural reforms envisaged under the programme.

“Implementation of these reforms to ensure the economy functions well will be critical. I will finally add that although a challenging year confronts us, we remain confident about the ongoing economic recovery process and would want to stress the importance of executing the needed structural reforms to support a better functioning of the economy. These structural reforms will be in ensuring long-term sustainability of performance,” he posited.

Speaking further and looking ahead to 2024, the Governor averred the Central Bank’s expectation is for inflation to ease further, underpinned by continued implementation of sound policies till inflation expectations are firmly anchored towards the Bank’s single-digit objective.

“In this regard, the Bank of Ghana will continue to monitor both domestic and external developments and respond appropriately to ensure that the downward inflation trajectory observed in recent months is sustained without undermining growth. The 2023 experience of a strong reduction in inflation and stronger growth is instructive,” he quipped.

SOURCE: norvanreports

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