ACCRA, Jan. 27 (Xinhua) -- Ghana witnessed an improved macroeconomic environment in 2024 due to the impact of reforms backed by the International Monetary Fund (IMF) and strong gold exports, according to Ernest Addison, governor of the Bank of Ghana, the central bank, Monday.
Addison said at a press briefing that one of the areas that showed positive signs of recovery was the external side, where the country was able to build strong reserve buffers, contributing to relative stability in the local currency.
He said the build-up of international reserves in 2024 exceeded the targets under the IMF-backed reforms, with gross international reserves increasing to 8.98 billion U.S. dollars.
The external sector's performance was mainly driven by strong growth in gold exports, which also largely impacted economic development positively, said Addison, adding that the external sector is expected to continue on a strong growth path with favorable commodity prices amid improved production.
The governor said growth exceeded expectations, with the economy expanding at an annual rate of 6.3 percent during the first three quarters of 2024.
"The stronger-than-projected growth and generally improved macroeconomic conditions are spilling over positively to the banking sector," Addison added.
Facing a severe economic crisis, the Ghanaian government secured approval for a 3-billion-U.S.-dollar loan from the IMF in 2023 to implement reforms and steer the economy toward recovery.
