Steady progress made under IMF programme – Karen Kwarteng

Ghana’s economical betterment nether the International Monetary Fund (IMF) programme is showing affirmative signs, according to Karen Kwarteng, Head of Global Market Sales astatine Stanbic Bank Ghana.

Speaking successful a caller CNBC Africa interview, Madam Kwarteng highlighted the country’s strides toward stabilization portion acknowledging immoderate fiscal challenges.

According to her, Ghana’s latest two-week IMF reappraisal focused connected the country’s 2024 fiscal performance, with authorities assessing cardinal programme indicators. While she admitted determination person been immoderate fiscal slippages and ostentation exceeding targets, she remained optimistic astir Ghana’s committedness to gathering its fiscal surplus goals.

She emphasized that portion challenges remain, Ghana’s adherence to IMF-mandated reforms volition beryllium important successful sustaining economical recovery.

“The authorities has demonstrated a beardown committedness to fiscal discipline. Initiatives similar the Transformation Tax Amendment Bill and reforms successful nationalist procurement are captious steps toward maintaining stableness and ensuring semipermanent growth,” she said.

Touching connected the recently established Gold Board, which present holds exclusive rights to buy, merchantability and export artisanal and small-scale mining gold, Madam Kwarteng praised the determination arsenic a important measurement toward enhancing oversight and transparency successful the industry.

“The Gold Board’s mandate ensures that Ghana retains greater power implicit its golden resources. By restricting overseas engagement successful section golden buying, the authorities is tackling amerciable mining and ensuring that the sector’s benefits enactment wrong the country,” she stated.

Data from 2024 showed that small-scale mining contributed the bulk of Ghana’s golden output, reinforcing the request for effectual regulation. Kwarteng added that the Gold Board’s relation successful argumentation oversight and licensing volition beryllium captious successful driving sustainable maturation successful the sector.

On the currency front, Madam Kwarteng pointed to the cardinal bank’s planned $120 cardinal auction for bulk lipid organisation companies successful the 2nd 4th arsenic a further measurement to enactment the currency.

“The Bank of Ghana’s beardown reserve position, lasting astatine $9.4 billion, provides a coagulated buffer. This ensures capable import screen and reinforces assurance successful the cedi’s stableness moving forward.”

She further emphasized the value of continued fiscal prudence, sustainable assets management, and currency stableness to unafraid Ghana’s economical future.

“Ghana is connected the close path, but consistency successful argumentation implementation volition beryllium key. If the authorities maintains its betterment momentum, the state tin execute lasting economical resilience and growth,” she noted.