Ghana’s macroeconomy favorable – IMF

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The International Monetary Fund (IMF) has given Ghana’s economy a clean bill of health.

According to an IMF team which is in the country for Article 4 Consultations, Ghana’s economy remains favorable. The IMF team on Wednesday October 9 met with the Finance Committee of Parliament as part of its mission.

The discussions, amongst 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 3-year ECF program with the fund.

“They said the macroeconomic situation remains favorable. Those were the words of the Mission Chief. 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 has undertaken the banking clean-up exercise.

“As regards the banking sector clean-up…, what I gathered from them is that the whole process has been smooth and it really amazes them. For you to resolve all these banks, microfinance institutions and S & L’s 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.

 

ABOUT: Nana Kwesi Coomson

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An Entrepreneur, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). In 2015, he won a £35,000 postgraduate scholarship to study MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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