According to Dr. Ernest Addison, the governor of the Bank of Ghana (BoG), Ghana’s economy is growing faster than it has in previous years.

Prior to this, the economy had slumped and the government had applied for a $3 billion bailout from the International Monetary Fund (IMF).

On Monday, April 8, 2024, Dr. Addison gave a speech to the Public Accounts Committee of Parliament, where he attributed the economic recovery to a number of factors, including the increase in foreign exchange reserves.

He thanked Parliament for approving the $300 million increase in Ghana’s reserves, which is intended to bolster the country’s economy.

“For the economy as a whole, I can tell you that things are improving, our foreign exchange reserve levels are improving. Thanks to Members of Parliament who recently approved a facility, so $300 million was added to our reserves.

“All of that strengthens our position to support you [government] in executing these type of projects.”

“Rest assured that so long as the economy continues on the path that we are on, we should be able to help you [government] deliver,” he responded when asked if payments might be made to assist in the completion of ongoing projects.