Ghana going back to the IMF for the 18th time?

The cedi is the world’s best-performing currency. Reserves are at record highs. Inflation is in single digits. Gold is working for Ghana’s people for the first time in memory. With numbers like these, Ghana entering talks for an 18th IMF program is not just a policy question – it is a question about who Ghana believes it is. Not long ago, Ghana’s President stood before the Zambia National Assembly and held his country up as proof that something was changing in Africa. Inflation had dropped from over 23 percent to 3.8 percent. The cedi had appreciated by 32 percent and ranked among the five best-performing currencies on earth. Debt had been restructured. The economy was breathing again. “We are steadily exiting the IMF’s Extended Credit Facility with dignity,” he said, “as partners, not as supplicants.”

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