IMF Program Progresses Steadily Under Stanbic Bank's Karen Kwarteng
The economic rebound in Ghana under the International Monetary Fund initiative is demonstrating encouraging indicators, stated Karen Kwarteng, who leads Global Market Sales at Stanbic Bank Ghana.
In a recent interview with CNBC Africa, Madam Kwarteng discussed the nation's progress towards stability and recognized certain fiscal difficulties they are facing.
As per her statement, Ghana’s most recent two-week IMF assessment centered on the nation’s projected financial management for 2024. The authorities evaluated crucial benchmarks of the program during this review. Although she acknowledged occurrences of budgetary shortfalls and higher-than-expected inflation rates, she expressed confidence in Ghana’s dedication to achieving its targeted fiscal surplus objectives.
She highlighted that despite ongoing difficulties, Ghana must stick to the reform policies set by the IMF to maintain economic progress and recovery.
"The government has shown significant dedication to fiscal responsibility. Measures such as the Transformation Tax Amendment Bill and changes in public procurement processes are essential moves aimed at sustaining stability and promoting enduring economic expansion," she stated.
Regarding the recently formed Gold Board, which has been granted sole authority over purchasing, selling, and exporting artisanal and small-scale mining gold, Ms. Kwarteng commended this development as a crucial measure for improving supervision and openness within the sector.
"The Gold Board's mission guarantees that Ghana maintains more authority over its gold assets. By limiting international participation in domestic gold purchases, the administration aims to combat illicit mining activities and ensure that the industry's advantages remain within national borders," she explained.
According to data from 2024, small-scale mining accounted for the largest share of Ghana's gold production, highlighting the necessity for robust regulations. Kwarteng emphasized that the Gold Board’s responsibilities in overseeing policies and issuing licenses will play a crucial role in fostering sustainable development within this industry.
Regarding the monetary aspect, Ms. Kwarteng indicated that the central bank plans to hold a $120 million tender for major petroleum distributors during the second quarter as an additional step to bolster the local currency.
“The Bank of Ghana’s strong reserve position, standing at $9.4 billion, provides a solid buffer. This ensures sufficient import cover and reinforces confidence in the cedi’s stability moving forward.”
She additionally highlighted the significance of maintaining financial discipline, managing resources sustainably, and ensuring currency stability to guarantee Ghana’s economic prosperity.
"Ghana is heading in the correct direction; however, consistent execution of policies will be crucial. Should the administration sustain its drive for reforms, the nation has the potential to attain enduring economic strength and expansion," she emphasized.
Provided by Syndigate Media Inc. ( Syndigate.info ).
