Ghana's economy better but not all challenges addressed – IMF

Top executives of the International Monetary Fund (IMF) are set to move into a crunch meeting in the next 48 hours, as they consider the final two of eight review reports, the outcome of which will likely pave the way for Ghana’s exit from a three-year programme with the Bretton Woods institution...


Top executives of the International Monetary Fund (IMF) are set to move into a crunch meeting in the next 48 hours, as they consider the final two of eight review reports, the outcome of which will likely pave the way for Ghana’s exit from a three-year programme with the Bretton Woods institution.

Upon assumption of office, President Nana Akufo-Addo extended the programme, which started in 2015, by one more year, after which Ghana hopes to take full control of its economic activities.

The Country Representative of the IMF in Ghana, Dr Albert Touna Mama told Class 91.3FM’s Blessed Sogah that despite some considerable challenges such as the freefall of the Ghana Cedi in relation to the major international currencies of trade, the other macroeconomic indicators have been largely positive, a vindication of the programme.

“Broadly speaking, it is fair to say that the macroeconomic environment looks better than when the programme started four years ago,” Dr Mama said.

He observed that the country has seen a sharp decline in inflation, commitment to fiscal primary surpluses for two years in a row, important reforms in the banking sector and important measures to ensure some sort of irreversibility alongside measures to safeguard fiscal sustainability.

Dr Mama, who was speaking on the sidelines of the 2019 African Climate Week organised by the United Nations Development Programme (UNDP) in Ghana’s capital, Accra, added that: “We are in a better place” but “it does not mean that all the challenges have been addressed”.

He said the IMF is always ready to support Ghana no matter the decision that will be taken by the international executive board after Thursday.

Source: Ghana/ClassFMonline.com/91.3FM



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