According to an International Monetary Fund (IMF) staff team, Ghana's economy has begun to show signs of stability following the start of the IMF's three-year support package.

The IMF team noted in a statement released following a week-long working visit to Ghana that inflation is currently moderating, international reserves are increasing, and the exchange rate is less volatile.

The encouraging indicators were attributed by the team to the Ghanaian government's early restructuring with creditors.

“It is essential to secure the expected benefits of the Fund-supported program.”

Since 2022, Ghana has struggled with a significant debt burden, skyrocketing inflation, and ongoing currency devaluation in addition to deteriorating living circumstances for its citizens.

The Ghanaian government sought a bailout from the IMF as a result.

On May 17, the IMF's executive board agreed to grant Ghana a three billion dollar loan to help the country's reform efforts, which were aimed at reestablishing macroeconomic stability and debt sustainability.

“With wide-ranging reforms aimed at building resilience and laying the foundation for more robust and inclusive growth.”