Bank of Ghana Governor Johnson Asiama told the media late Friday that Ghana would work hard to keep economic reforms on track after missing key performance indicators required.
The announcement, which follows a similar one by the Finance Minister Cassiel Atto Forson during the presentation of the 2025 budget, suggests the failure to meet reform commitments ahead of the upcoming fourth review scheduled for April 2025.
“Well, it is true that in terms of the program targets, quite a number of them have been missed, and we need to do some further work to ensure that the program remains on course,” Asiama disclosed at the Monetary Policy Committee press briefing.
According to him, one key performance indicator missed by the central bank is the inflation target, which was pegged at 17 percent by the end of 2024 but only managed to fall to 23.1 percent in February.
Considering the liquidity injection into the economy last year, the governor underscored the need to get the rate under control since that would be critical to the direction of monetary policy at the next sitting.
“It’s not the IMF that’s putting pressure on us. There’s the need to manage liquidity properly. There’s the need to control the possible second-round effect of inflation, and there’s the need to ensure that inflation returns to the target path within the period we envisage,” he stressed.
Earlier, Finance Minister Cassiel Ato Forson had told parliament that the country had missed the targets for primary balance on a commitment basis, inflation rate, and social protection spending for the end of 2024.
Reeling under pressure from ballooning public debt, high inflation, exchange rate volatility, and price hikes, Ghana went under an IMF-supported reform program in May 2023.