The International Monetary Fund (IMF) says Ghana’s economic growth prospects are positive, while its macroeconomic stabilisation is on course.
According to the Bretton Woods institution, the government’s commitment to achieve end-year fiscal targets was encouraging.
In a statement issued at the end of a week-long review meetings in Accra, the IMF said the government’s vigorous engagements at strengthening the resilience of the financial sector, among other areas, were also positive.
The IMF team, led by Ms Annalisa Fedelino, visited the country from June 20 to 26, 2018 to discuss recent economic developments and the outlook for the remainder of the year.
The team met with the Vice-President, Dr Mahamudu Bawumia; the Finance Minister, Mr Ken Ofori-Atta; the First and Second Deputy governors of the Bank of Ghana (BoG), Mr Maxwell Opoku-Afari and Madam Elsie Addo Awadzi, respectively, and other senior officials.
The IMF approved Ghana’s request for a bailout programme to help stabilise the economy in the first week of April 2015.
The then government received a lot of backlash from the NPP, then in opposition, but the government was expected to get US$918 million spread over three years following the approval of the bailout.
The release of the funds under the programme is underpinned by strengthened fiscal consolidation efforts that hinge on prudent public expenditure management, enhanced domestic revenue mobilisation, public sector reforms, with particular emphasis on staff rationalisation in the public service and better control of the wage bill.