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The IMF just gave President Mahama’s a big’ thumbs up for not letting Ghana’s Extended Credit Facility (ECF) slip off the rails. Apparently, they’ve been making some gutsy moves to get the economy back on track. The Fund even put out a statement after wrapping up their fourth review, basically saying, “Hey, props to you guys for taking this seriously and actually doing the work.”
Honestly, it sounds like the government’s been hustling passing the 2025 budget that lines up with the program, tightening up how they handle cash, and swearing they’ll stop the slide that got them into trouble in the first place. The IMF’s all for it, but they’re not letting up: “Don’t get comfy yet! Stick to the plan, finish restructuring your debt, keep finding ways to bring in more money at home, and please, for the love of all things holy, cut the wasteful spending.” But hey, leave some room for the stuff that actually matters like development and social safety nets. No one wants to see those get axed.
They also threw in a little side-eye about the energy sector. Apparently, if Ghana doesn’t get a grip on the mess and unpaid bills there, things could spiral again. Kinda like, “You’ve come this far, don’t blow it now.”
On the money side, the IMF’s saying the Bank of Ghana needs to keep things tight until inflation chills out. Maybe don’t go bananas in the foreign exchange market either, and adopt a real policy for how you’re jumping in and out of FX trades. Feels like they’re saying, “Please, stop winging it.”
Banks? Oh, there’s drama there too. Some banks are apparently still limping along, so the IMF wants more reforms especially with the National Investment Bank and other state-owned banks. Have a backup plan in case the weak ones crash and burn, you know? No one wants a banking crisis on top of everything else.
Last bit the IMF wants the central bank to step up its game on crisis management, fix old issues with those specialized deposit-taking institutions (yeah, the ones everyone forgets about), and make sure the safety nets actually work if things go sideways.
So, in a nutshell: Ghana’s government is getting some love for moving in the right direction, but the IMF’s basically that strict coach who yells, “Don’t get cocky, kid!” There’s still plenty of work ahead.