Managing Director of the IMF, Kristalina Georgieva, has noted that African economies faced multiple challenges throughout the year.

She highlighted that these economies were still recovering from the impact of the global pandemic, COVID-19, while simultaneously grappling with high borrowing costs and the rising cost of living.

As African nations strive to overcome their economic difficulties, the IMF remains optimistic that these economies will regain their footing in the upcoming year.

Kristalina Georgieva emphasized that the outlook for 2024 is promising, indicating a gradual strengthening of economic activity and notable growth. Additionally, there's a positive trend of decreasing high inflation rates and narrowing fiscal imbalances.

“We had very productive discussions on Africa’s economic prospects. This year has been a difficult year for Africa. The region is still emerging from the Covid-19 pandemic and African countries have been hit by high borrowing costs (“funding squeeze”) and a cost-of-living crisis," She said.

In Ghana, the local economy faced a significant downturn in 2020 due to the outbreak of the COVID-19 pandemic. It remained in a fragile state for an extended period, and the situation was further exacerbated by the Russia-Ukraine war.

In an effort to combat high inflation and stabilize the economy, the government announced on July 1, 2022, its decision to seek a $3 billion financial bailout program from the International Monetary Fund (IMF). Subsequently, an IMF team visited the country from July 6 to July 13, 2022, to engage with Ghanaian authorities regarding potential economic support.

A staff-level agreement between the Government of Ghana and the IMF was successfully reached in December 2022. On May 17, 2023, the IMF's executive board granted approval for Ghana's $3 billion loan facility.

The first installment of $600 million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023. The government's objective with the IMF program is to restore macroeconomic stability and ensure debt sustainability, among other objectives.