After the IMF’s board approval of Ghana’s request for support, the Britton Woods Institution has praised the government for what it describes as a comprehensive and rich recovery program.

According to the IMF Mission Chief to Ghana, Stéphane Roudet, the program has the capacity to quicken recovery and strengthen the country’s economy.

Speaking to the media on Thursday, Roudet explained that the program consists of a wide range of reforms across multiple sectors, which will enhance the economy’s ability to withstand any possible future shocks.

He emphasized that the government and the IMF share the goal of achieving a more robust and resilient economy through these reforms.

“It is important to emphasize that this program is very rich in its structural components. It encompasses a wide range of reforms across various sectors, which will enhance the economy’s ability to withstand future shocks. This is precisely what the government and the IMF aim to achieve with this program,” the mission chief noted.

The program’s objective aligns with the government’s vision of long-term stability and sustainable growth.

On May 17, the executive board of the IMF approved Ghana’s request for a $3 billion bailout to support the country’s economic recovery. The IMF’s support program will primarily focus on curbing inflation and rebuilding Ghana’s foreign reserve buffers.