IMF reveals Ghana's Economy as 'STABLE'

“Inflation is now at 7.8 per cent, and if you look at the trend over the past 13 months or so, it's not expected to rise,” - Dr. Mark Assibey Yeboah

IMF reveals Ghana's Economy as 'STABLE'
IMF

The International Monetary Fund has given an assured report on the stability of Ghana’s economy.

According to a team from the Breton Woods Institution led by M. Carlo A.E Sdralevich in a disclosure at a meeting with the Finance Committee of Parliament as part of its mission on Wednesday, the macro-economic situation in Ghana remained favorable and the projected GDP growth would be a reduction from the original 8.8 percent. They however warned the government to be watchful on rising external debt.

“A typical IMF Article IV Consultation would have an IMF team of economists visit a country to assess economic and financial developments and discuss the country’s economic and financial policies with the government and central bank officials.

 

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“IMF staff missions also often meet with some parliamentarians and representatives of business, labour and civil society. This is currently the stage we are engaged in with the IMF since Monday, September 30, 2019.”

 “After these consultations, the IMF team reports its findings to IMF management and then present them to the Executive Board for discussion, which represents all of the IMF’s member countries. A summary of the board’s view is subsequently transmitted to the country’s government. In this, the views of the global community and the lessons of international experience are brought to bear on national policies,” a statement published by the Ministry of Finance in connection with the IMF revealed.

The Chairman of the Finance Committee of Parliament, Dr. Mark Assibey Yeboah addressing the Media after the meeting on Wednesday revealed that the IMF had been impressed with the management of the economy after Ghana’s three year ECG programme with the fund.

“Inflation is now at 7.8 per cent, and if you look at the trend over the past 13 months or so, it's not expected to rise,” he said.