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Ghana has seen positive outcomes from the economic reform programs supported by the International Monetary Fund (IMF) after the first four months of implementation, the governor of the Bank of Ghana said here Monday.

The relatively high economic growth in the first and second quarters (Q1 and Q2) of the year, coupled with a stabilized exchange rate regime and lowering inflation, were the indicators pointing to a successful outcome of the program so far, said Ernest Addison during a press briefing after the latest meeting held by the monetary policy committee of Ghana’s central bank to assess the economy.

Ghana’s economy grew 3.2 percent in Q2, after recording a 3.3 percent growth in Q1, according to the Ghana Statistical Service, compared with a 1.5 percent growth target set in the IMF program.

Addison added that the central bank’s confidence survey also indicated an improvement in consumer and business sentiments, which is expected to continue for the rest of the year in line with improving macroeconomic conditions.

“We are projecting possibly a 3.0 percent growth this year, almost double the projected growth rate under the IMF program,” the governor said.

Ghana, the world’s second-largest cocoa producer and an exporter of fossil fuels, has been battling chronic economic challenges. In May, the West African country secured a three-year IMF bailout package of 3.0 billion U.S. dollars in the hope of reducing inflation and currency depreciation and reviving its economy.