Ghana records economic growth upon adoption of IMF-supported reform program

The BoG Governor said the country’s economy grew by 3.2% in the second quarter, surpassing the 1.5% growth target set in the IMF program.

Ghana records economic growth upon adoption of IMF-supported reform program
Image source: Bank of Ghana | Design by Samuel Ojo for Mariblock.
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Editor’s note: This story is part of Mariblock’s “State of Fiat” coverage. Digital assets such as bitcoin are seen as competitors to central bank money. Therefore, we consider informing our audience of the state of their local currencies worthwhile.

In a recent press briefing, Bank of Ghana (BoG) Governor Ernest Addison announced that the country has seen its first streaks of improvement in its economy following the implementation of economic reform programs within four months. 

The International Monetary Fund (IMF) mandates these reform programs and policy adjustments to governments that approach it for loans to help the country overcome the problems that led it to seek financial assistance.  

Key details 

  • The BoG Governor said the country’s economy grew by 3.2% in the second quarter after recording a 3.3% increase in the first quarter, which surpassed the 1.5% growth target set in the IMF program.  
  • He attributed the economic recovery to a stabilized exchange rate regime and an increase in consumer and business sentiments, and it is projected to continue throughout the year in line with improving macroeconomic conditions in the country.  

What was said  

“We are projecting possibly a 3.0 percent growth this year, almost double the projected growth rate under the IMF program,” Adisson said. 

Before now 

Why this matters  

  • The BoG announced that the launch of its digital currency, the eCedi, has been delayed due to the ‘dislocation’ of the country’s economy, the bank’s governor said.  
  • The eCedi is expected to be a digital version of the cedi, which is convertible to cash or deposit money at a 1:1 ratio.  
  • An improved economy could help further plans to launch the digital currency.