The world is set to face pressure linked to rising commodity price shocks; however, Ghana is in a good economic position, the Director of the International Monetary Fund’s (IMF) African Department, Zeine Zeidane, has said.

The IMF indicated that while the global shocks will affect several countries, including Ghana, the recent reform policies by the government have put the country in a good position to be able to withstand those pressures.

Examples of such reforms include, under Ghana's IMF-backed Extended Credit Facility programme, fiscal consolidation efforts, the deployment of artificial intelligence in customs administration to boost revenue collection, and reforms aimed at improving the management of state-owned enterprises and public finances.

His comments come amid concerns that Ghana’s heavy reliance on gold for export revenue could leave the economy vulnerable to a downturn in prices.

Mr Zeidane said Ghana’s policy reforms would help cushion the economy against external shocks.

He also described the country’s economic performance as strong, noting that the gains had prompted two credit rating agencies to upgrade Ghana’s credit ratings.

Recent data from the Bank of Ghana showed that gold was the main contributor to the country’s $22.4 billion in export earnings.

On the potential impact of artificial intelligence (AI) on productivity, Mr Zeidane said its full implications for Ghana and other African economies remained uncertain.

He suggested that AI’s impact on employment in Africa could be limited but cautioned against underestimating the technology’s potential effects.

On fuel subsidies, Mr Zeidane said the IMF did not oppose measures to reduce petroleum prices at the pump.

He explained, however, that poorly targeted subsidies often prevented such measures from delivering their intended benefits.