Ghana’s Finance Minister said the government will achieve IMF and World Bank growth projections

Ghana’s Finance Minister, Ken Ofori-Atta has indicated that Ghana will meet its 2019 economic growth projections set by the International Monetary Fund (IMF) and World Bank.

Minister of Finance; Ken Ofori Atta

This is coming after some economic analysts questioned the significance of the 8.8 percent and 7.6 percent growth rate projections made by the IMF and World Bank for Ghana’s Economic growth for 2019.

These people argue that the Ghanaian economy still depends more on imports than export.

But in an interview with Accra-based Citi FM, Ken Ofori-Atta explained that the projections can be achieved based on works being done by the government.

“If an analyst tells you the fundamentals are the same, you can ask if that is really true. If you have inflation coming down from 15.4 percent to 9.2 percent, with a positive primary balance for the first time in a decade, growth around 7 percent, then it’s kind of disingenuous.”

He admitted that there are still major challenges that need to be addressed in terms of keeping the discipline of expenditures, raising revenue and making labour more productive.

He further bemoaned the over-reliance on importation which currently stands at $2.4 billion for food alone.

“Clearly our current account structure is not what we want. We want to either substitute our import so that we don’t import 2.4 billion dollars’ worth of food or we want to export so that we move our exports beyond where we are,” he expressed.

He further stated that although there is still a long way to go in terms of economic growth, the country has come thus far in managing the economy.

Our newsletter gives you access to a curated selection of the most important stories daily.

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022