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IMF praises Ghana for impressive economic performance

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The International Monetary Fund, (IMF), has expressed confidence in the Ghanaian economy, after assessment.

According to the fund, Ghana’s economy remained stable and projected a seven per cent Gross Domestic Product (GDP) growth for 2019.

According to IMF head of mission, Carlo A. E. Sdralevich who alongside his team are in the country for an Article 4 consultation on Ghana’s economy, it still remains favorable.

The IMF delegation, led by Carlo Sdralvich (2nd right), at the meeting

The delegation met with the Finance Committee of Ghana’s Parliament as part of its mission on Wednesday, October 9, 2019.

Chairman of the Finance Committee, Dr Dr. Mark Assibey-Yeboah and his team

The discussions, among others, centered on macroeconomic performance, revenue mobilisation, the financial sector clean up and matters bordering on Ghana’s exit of the ECF program.

Addressing the media after the meeting, the chairman of the finance committee, Dr. Mark Assibey-Yeboah disclosed that the IMF is impressed with the management of the economy post the country’s three-year ECF program with the fund.

“They said the macroeconomic situation remains favorable,” the chief of mission stated. He said “the projected GDP growth for 2019 is 7%, a reduction from the original 8.8%. Inflation is now at 7.8% and if you look at the trend over the past 13 months or so it’s not expected to rise”, Dr. Assibey-Yeboah stated.

Dr. Assibey-Yeboah further disclosed that the IMF team praised Ghana for the smooth nature in which it had undertaken the banking clean-up exercise.

“As regards the banking sector clean-up, what I gathered from these is that the whole process has been smooth and it really amazes them. For you to resolve all these banks, microfinance institutions and savings and loans within a short period and still have financial stability, those at the helm must be doing something fantastic. What they have achieved is amazing”, he added.

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