According to the international rating agency Fitch Solutions, the IMF board may have approved Ghana's economic recovery plan by the first quarter of 2023.

According to reports on myjoyonline.com, Mike Kruninger, a senior country risk analyst at Fitch Solutions, stated that "the first thing I should mention is that the IMF Executive Board approval will come in the next weeks."

He did note, however, that further postponing the Board's approval would worsen investor mood given the nation's present inflation rates and economic downturns.

“So, in the first quarter of 2023, should this not happen, we will be expecting investor confidence to remain rather weak in the coming months which will put additional pressure on the exchange rate. So, in that case, the currency will depreciate furthermore significantly than we currently anticipate,” he explained.

Mr. Kruninger added, “so what will happen in that instance is inflation will remain much higher for much longer. And this will then weigh on incomes, it will weigh on overall private sector activities.”

“So, in this instance, the economic wealth will become much weaker than the 2.9 percent that we are currently forecasting,” he stated.

According to a January 2023 Sub- Saharan Africa Macroeconomic Update, the progress made by the country in the debt exchange programme, a key requirement by the IMF has been lauded and is an indication of the country’s chances of getting the Fund’s support.

Ghana is seeking $3 billion in financial support from the International Monetary Fund to shore up its reserves and boost its balance of payments.