IMF REVEALS 4 KEY FINDINGS ON GHANA’S ECONOMY AFTER PRELIMINARY FINDINGS

An initial analysis of Ghana’s economic position has been completed by the International Monetary Fund (IMF) team under Carlo Sdralevich.

The IMF delegation visited Ghana on July 6, 2022, at the government’s invitation.

In a statement released on July 13th, the Bretton Woods organization declared its dedication to aiding the West African nation.

The statement went on to say that the IMF staff would keep a close eye on Ghana’s economic and social condition and would work with the government to develop an enhanced domestic program in the coming weeks.

The IMF also described some of the difficult circumstances Ghana is facing.

1. Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment.
2. The fiscal and debt situation of Ghana has severely worsened following the COVID-19 pandemic.
3. Investors’ concerns have triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs.
4.  The IMF opined further that the global economic shock caused by the war in Ukraine is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for maneuver.

The IMF believes that the aforementioned changes have significantly impacted decreasing economic growth, the buildup of unpaid bills, a significant loss in the value of the currency, and an increase in inflation.

The Vice President, Dr. Mahamudu Bawumia, the Finance Minister, Mrs. Ofori-Atta, and the Governor of the Bank of Ghana, Mr. Addison, all met with the IMF delegation that was in Ghana.

During its engagement, the team also met with the Finance Committee of the Parliament, civil society groups, and development partners like UNICEF and the World Bank.

The IMF believes that the aforementioned changes have significantly impacted decreasing economic growth, the buildup of unpaid bills, a significant loss in the value of the currency, and an increase in inflation.

The Vice President, Dr. Mahamudu Bawumia, the Finance Minister, Mrs. Ofori-Atta, and the Governor of the Bank of Ghana, Mr. Addison, all met with the IMF delegation that was in Ghana.

During its engagement, the team also met with the Finance Committee of the Parliament, civil society groups, and development partners like UNICEF and the World Bank.

 

 

Source;NKONKONSA.com