Ghana’s macroeconomy favorable – IMF


A delegation from the International Monetary Fund (IMF) has described Ghana’s macroeconomic situation in as favourable.

The team led by Division Chief at the Fund, Carlo Sdralevich has been in the country for over a week conducting routine Article (4) consultations on the state of the Ghanaian economy, months after the country exited the Extended Credit Facility (ECF) programme of the IMF.

Addressing the press after the Finance Committee of parliament met with the team, the Chairman, Dr. Mark Assibey-Yeboah and his Ranking Member, Cassiel Ato Forson shared these perspectives on the state of the economy as discussed with the team from the IMF to Citi News.

“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.

The International Monetary Fund, IMF has given Ghana’s economy a clean bill of health after it met 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.

The Committee said the IMF was impressed with the management of the economy post the country’s 3-year ECF program with the fund.

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 noted.