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Tag: Julie Kozack

  • Ghana’s economy set for expansion …as IMF upgrades Sub-Saharan Africa growth forecast to 4.6% for 2026

    Ghana’s economy set for expansion …as IMF upgrades Sub-Saharan Africa growth forecast to 4.6% for 2026

    The International Monetary Fund (IMF) has delivered a boost of confidence to the African continent, upgrading its growth forecast for Sub-Saharan Africa to 4.6% for 2026. Among the primary beneficiaries of this positive shift is Ghana, which is expected to see significant economic expansion driven by ongoing macroeconomic stabilization and rigorous reform efforts.

    The revised outlook, shared during a recent press briefing, highlights a strengthening recovery across several parts of the region. IMF Director of Communications, Julie Kozack, noted that policy adjustments in major African economies are starting to yield tangible results.

    “Growth has been revised up to 4.6 percent in 2026, supported by macroeconomic stabilization and reform efforts in key economies,” Kozack stated. She further emphasized Africa’s growing footprint in the global economy, revealing that nine of the world’s 20 fastest-growing countries this year are located on the continent.

    Ghana’s Path to Growth

    For Ghana, the IMF’s upgrade serves as a validation of recent fiscal and structural reforms. The country’s commitment to stabilizing its economy after a period of high inflation and debt restructuring appears to be paying off, positioning it as a key player in the region’s recovery. The Fund suggests that continued adherence to these reform paths will be critical to maintaining this upward trajectory.

    A Mixed Regional Picture

    Despite the overall optimism, the IMF cautioned that the recovery remains uneven. The continent faces a “mixed picture” where reform-driven economies are gaining momentum while others lag behind.

    Vulnerabilities persist particularly in:

    ● Conflict-affected areas: Where humanitarian crises and political instability continue to stifle economic activity.

    ● Oil-dependent economies: Which are currently facing headwinds due to declining global oil prices.

    The IMF stressed that while the 4.6% projection is a sign of resilience, external shocks and structural weaknesses remain significant risks. For the continent to sustain this growth, the Fund recommends that governments continue to focus on strengthening domestic revenue mobilization and creating a more conducive environment for private investment.

    As Africa continues to emerge as a global growth frontier, the IMF’s latest report underscores the importance of consistent policy implementation in ensuring that the benefits of expansion are felt across all sectors of society.

     

     

  • Gov’t to receive $370million from IMF  … optimistic of Board approval

    Adnan Adams Mohammed

    The Government of Ghana is awaiting disbursement of US$370 million in the coming days, this being the fourth tranche of the ongoing three year International Monetary Fund External Credit Facility programme.

    The government has expressed optimism of the IMF Board’s approval, based on a successful staff level agreement last month and the current state of the Ghanaian economy which has been touted as an unprecedented recovery with almost all macroeconomic indicators showing positive results.

    This is crucial money which the government eagerly awaits as it paid almost the same amount to service its restructured Eurobond debt last week. Upon the Board’s approval for the disbursement of approximately US$370 million, total disbursement under the ECF will be around US$2.4 billion from the start of the Programme in May 2023.

    “The review is pivotal for the country”, Presidential Advisor on the economy, Seth Terkper said in an interview. “We came in as a new government with some experience to complete the fourth review of the IMF programme. It will be going to the board this July. All indications including the staff who came into the country are saying that we think things have gone well and various structural measures and benchmarks and things have been met which means you can be cautiously optimistic that the IMF board will pass the programme and get some injection into the economy.”

    The optimism follows the IMF’s confirmation that a staff-level agreement was reached with Ghanaian authorities on April 15 after the fourth programme review. IMF Communications Director Julie Kozack at an earlier press briefing stated that upon approval by its executive board, Ghana will be scheduled to receive about US$370 million, bringing total support under the ECF to US$2.4 billion since May 2023.

    Market watchers say the anticipated approval is a vote of confidence in Ghana’s fiscal reforms and structural adjustment efforts, which include domestic revenue mobilization, expenditure rationalization, and debt restructuring.

    Analysts add that a positive review would likely bolster investor confidence, stabilize the cedi, and further ease inflationary pressures.