Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, highlighted the steady progress of the local economy.

He emphasized that Ghana's foreign reserve level was on the rise, with an impressive injection of $300 million bolstering the reserve.

Speaking before the Public Accounts Committee of Parliament on Monday, April 8, 2024, Dr. Ernest Addison shared these insights.

“For the economy as a whole, I can tell you that things are improving, our foreign exchange reserve levels are improving. Thanks to Members of Parliament who recently approved a facility, so $300 million was added to our reserves."

Following a downturn in the economy triggered by the Russia-Ukraine war, the government announced on July 1, 2022, its decision to seek a $3 billion financial bailout program from the International Monetary Fund (IMF).

Subsequently, a delegation from the IMF visited the country from July 6 to July 13, 2022, to engage with Ghanaian authorities regarding potential economic support measures.

A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.

On May 17, 2023, the IMF's executive board approved 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 stated that the IMF program aimed to restore macroeconomic stability and ensure debt sustainability, among other objectives.

Ghana's economy is anticipated to remain under the IMF program for a period of three years.