Ghana's Economic Renaissance: We've Turned The Corner Toward Sustainable Growth - John Kumah

In a notable declaration, Deputy Finance Minister Dr. John Kumah asserts that Ghana's economy has successfully weathered recent challenges, paving the way for sustained growth with profound benefits for the nation's citizens. In a Facebook post dated January 19, Dr. Kumah expressed gratitude for the unanimous approval of Ghana's debt treatment request under the G-20 Common Framework, marking a pivotal moment in the nation's economic trajectory.

Commending the unwavering support of the Ghanaian people for government measures and policies, Dr. Kumah specifically acknowledged their resilience in the face of challenges posed by the COVID-19 outbreak and the Russia-Ukraine war. With an optimistic outlook, he anticipates a brighter future for the country, underlining that the approved debt treatment lays the foundation for continued economic progress that directly impacts the lives of Ghanaians.

"An essential prerequisite for the IMF Programme was a confirmation that Ghana’s public debt was on a sustainable trajectory," Dr. Kumah noted. He highlighted the successful completion of the Domestic Debt Exchange Programme (DDEP) and the positive implications of the Official Creditor Committee's (OCC) approval of bilateral debt treatment. However, he cautioned that there is more work to be done.

The post highlighted a significant development in Ghana's public debt trajectory, emphasizing the importance of the unanimous approval of Ghana’s request for debt treatment under the G-20 Common Framework for Debt Treatment Beyond the Debt Service Suspension Initiative (CF-DSSI).

Dr. Kumah emphasized the government's commitment to fiscal prudence and debt restructuring to curb the growth of public debt and transition to a moderate debt level from the high risk of debt distress. Acknowledging the OCC's support, he celebrated the commendable efforts while urging caution about the work that lies ahead.

Adding to the positive sentiment, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, expressed satisfaction with Ghana’s economic policies, stating that they are beginning to yield desired outcomes. She highlighted the fruitful policy and reform commitments under Ghana’s economic program, emphasizing their alignment with the best interests of the Ghanaian people.

As Ghana charts its economic course, these developments signal a turning point, fostering hope and resilience on the journey toward sustainable growth and prosperity.