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The International Monetary Fund (IMF) has commended Ghana for its stellar economic performance amidst global challenges.

During a joint press conference held on July 1, 2024, IMF Mission Chief for Ghana, Stephane Roudette, praised the country's significant strides under the IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG).

"Ghana's performance under the PC-PEG has been commendable," Roudette stated. "The country has surpassed expectations with a strong GDP growth of 4.7% in the first quarter of 2024, demonstrating resilience and effective implementation of fiscal policies."

He said Ghana's performance under the programme has been generally strong with all quantitative performance criteria for the second review and all indicative targets met, except one stating that Significant progress is being made on key structural reforms, including enhancing revenue mobilization and streamlining non-priority expenditures which when realized will further solidify the economy.

The IMF last Friday approved the disbursement of the third tranche of $360 million. The new tranche will take total IMF disbursements under the three-year bailout programme designed to help Ghana out of its economic challenges to about US$1.6 billion.

The decision comes after the country finalised a deal with its Official Creditor Committee, a step that had been a pre-requisite to unlock the third tranche.

Finance Minister, Mohammed Amin Adam in his address highlighted the robust measures that accounted for this progress. He said these robust measures are behind the rejuvenated economy that we’ve witnessed in recent times.

"Growth is proving to be more resilient and robust than initially programmed and the economy continues to show strong signs of recovery in Q1 of 2024. Overall Real GDP growth for Q1 2024 was 4.7%, the highest since Q1 of 2022.