CIMAG welcomes Ghana’s exit from IMF programme, predicts growth for maritime sector

The Centre for International Maritime Affairs, Ghana (CIMAG) has commended the Government of Ghana following the country’s successful completion of the International Monetary Fund-supported programme and its formal exit from the Extended Credit Facility arrangement.

According to CIMAG, the development marks an important step towards restoring macroeconomic stability, improving fiscal discipline, and rebuilding investor confidence in the country’s economy.

In a statement issued by its Executive Director, Albert Derrick Fiatui, the organisation said the achievement presents significant opportunities for Ghana’s maritime industry, port sector, and the wider business community.

“The successful exit from the IMF programme is not an end, but a foundation,” Mr Fiatui stated.

He added that if the current economic stability is matched with reforms in the maritime sector, it could lead to “lower cost of trade, more jobs, and stronger regional trade integration under AfCFTA.”

CIMAG explained that recent improvements in the economy, including easing inflation and reduced exchange rate volatility, are expected to benefit importers, exporters, and freight forwarders.

“With inflation trending downward and exchange rate volatility easing, importers, exporters, and freight forwarders face reduced costs and greater predictability in pricing and contracting,” the statement said.

The organisation noted that this would strengthen Ghana’s position as a preferred trade gateway within the West African sub-region.

CIMAG also pointed to the potential for increased investment in port infrastructure, especially at the Tema Port and Takoradi Port.

According to the statement, reduced debt servicing pressures could create more fiscal space for government and private sector investment in ports, dry ports, and logistics infrastructure.

“This is critical for reducing vessel turnaround times and handling costs,” the organisation noted.

The maritime policy think tank further stated that a more stable economic environment would encourage stronger private sector participation and public-private partnerships in shipping, warehousing, and port services.

CIMAG said it expects increased foreign direct investment in maritime logistics and related services as confidence in the economy improves.

The organisation also believes lower borrowing costs and better credit ratings will support businesses operating within the port and logistics sector.

“Shipping lines, logistics firms, and SMEs in the port ecosystem will be able to access financing for fleet expansion, equipment, and digitalisation initiatives,” the statement added.

Despite the positive outlook, CIMAG urged the government to maintain prudent fiscal management and continue reforms within the maritime and transport sectors.

The organisation identified several priority areas requiring attention, including reducing non-tariff barriers, shortening port clearance times, advancing the implementation of the National Maritime Transport Policy, supporting local content development, and deepening the digitisation of port and customs processes.

Mr Fiatui said that sustained reforms would be necessary if Ghana is to fully benefit from the economic gains achieved under the IMF programme.

CIMAG reaffirmed its commitment to supporting policy development within the maritime industry to ensure that the sector contributes meaningfully to national growth and regional trade integration.

المصدر: MyJoyOnline (GH)