IMF has noted Ghana is in the right direction – Finance Minister says
The Minister for Finance, Ken Ofori-Atta, has said the International Monetary Fund (IMF) has noted that Ghana is in the right direction in terms of managing the country’s debt.
Speaking at the Minister’s Press Briefing on Thursday, May 12, Ofori-Atta said, “…the question then becomes whether the Fund (IMF) has the resources that we require to really inoculate a programme for the debt and that’s a question that is hanging… but we have committed to not going back to the Fund because in terms of policy we are right there and the Fund notes that we are completely in the right direction.
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“And so the issue is validating the programme that we have put in place and then in my view supporting us to find alternative ways of refinancing our debt, reprofiling it without needing to be with the Fund.”
He added, “I think there’s a general acknowledgement that, that should be the first point of call and we are doing it.”
Ofori-Atta also emphasised the government’s resolve not return to the IMF for support in order to deal with the challenges that the economy is going through.
Ghana to become 12th fastest growing economy – IMF
The International Monetary Fund (IMF), has projected Ghana’s economy to expand by 5.2% which is expected to make it the 12th fastest growing economy in the Sub Saharan Africa region this year.
The expected 5.2% expansion in the economy in 2022, will be slightly lower than the 5.4% GDP growth rate recorded in 2021.
According to the International Monetary Fund’s April 2022 Regional Economic Outlook Report, this will place the country at a joint 12th position with Cape Verde in the league of Sub-Saharan African economies.
In West Africa, Ghana places 6th, once again with Cape Verde.
In 2021, the IMF projected a growth rate of 4.2% for Ghana, but the economy expanded by 5.4%, according to provisional estimates from the Ghana Statistical Service.
This was as a result of strong growth in the Services sector (9.4%), particularly Information, Communication and Technology (33.1%) and Agriculture (8.4%), particularly the Fisheries (13.4%) sub sector.
In 2023, the Fund forecasts a growth rate of 5.1%, which will place the country in the 21st position in the league of African economies.
