Economy Rebounding Strongly- BoG

The Bank of Ghana (BoG) has reported a rebound in conditions after the 2022 economic turmoil.

It follows the approval of Ghana’s $3 billion loan request in May 2023.

The BoG has recently observed a notable improvement in the economic conditions of the country.

“On the domestic front, the Committee observed the overall improving macroeconomic conditions with relatively strong economic growth and drop-in inflation in August. These developments provide evidence that the policy mix under the three-year IMF Extended Credit Facility is beginning to yield results.”

This is evidenced by the rebound of economic activities, stabilizing the exchange rate, declining inflation, and improved foreign exchange reserves.

The BoG estimates that the “sustained improvement in these indicators should result in the restoration of real incomes and purchasing power.”