IMF describes Ghana's economy as impressive

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has said that her outfit is very impressed with Ghana’s economic performance over the last 24 months.

IMF boss Christine Lagarde

She was speaking at the Jubilee House where she paid a courtesy call on Ghana’s President, Nana Akufo-Addo. She said that all the economic indicators show that Ghana is on the right path economically.

“We are really impressed with the work that has been done because you indeed arrived in a situation that was from a micro economic point of view fragile. All indications were in the red and through massive work, effort, sacrifices as well, those indicate are turning in the right direction.” 

The IMF boss added that they are available to offer support to Ghana if they ever require help in the future.

“You can really count on us, on me, to tell you in the nitty-gritty details where we see that there is a risk because it boils down to details. We will be the ruthless truth teller because that is the best service we can offer to our members.”

On his part, President Akufo-Addo said he believes the visit of the IMF boss shows that his government is doing something good to rescue the Ghanaian economy.

“You have the reassurance from us that the fundamental lesson that we have all learnt as a result of these several interventions by the Fund, which is the need for discipline in the management of our public finances, that lesson is one that is going down deep,” the President said.

The President emphasised that Ghana would not like to return to the IMF for any of its bailout programmes. In order not to return to the IMF, Nana Akufo-Addo said that the government will put adequate measures in place so that Ghana never requires the support of the Bretton Woods institution.

In April 2015, the IMF Executive Board, approved a $918 million loan to Ghana to support a reform program aimed at faster growth and job creation while protecting social spending. This was during the John Mahama era.

When the Akufo-Addo administration took office, the programme continued. Ghana will exit from the program at the end of December 2018.

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