Ghana: 2023 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; Staff S

Large external shocks in recent years exacerbated pre-existing fiscal and debt vulnerabilities, resulting in an acute crisis in 2022. In response, the authorities have adjusted macroeconomic policies, made significant progress on a comprehensive debt restructuring, and launched wide-ranging reforms. These efforts are bearing fruit, and signs of economic stabilization are emerging. Growth in 2023 has proven resilient, inflation has declined, and the fiscal and external positions have improved. Nonetheless, fully and durably restoring macroeconomic stability and debt sustainability and fostering a sustainable increase in economic growth and poverty reduction will require steadfast policy and reform implementation.