IMF describes Ghana's macroeconomy as favourable

This description gives Ghana's economy a clean bill of health.

This was said by an IMF team which is in the country for Article 4 Consultations. On Wednesday (October 9, 2019) met with the Finance Committee of Parliament as part of its mission.

The discussions they held include the macroeconomic performance, revenue mobilisation, the financial sector clean up and matters bordering on Ghana's exit of the ECF program.

Speaking to the media after the meeting, the chairman of the Finance Committee, Dr Mark Assibey-Yeboah said the IMF is impressed with the management of the economy after Ghana’s three-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%.”

Chairman of the Finance Committee, Dr Mark Assibey-Yeboah and some of his members Pulse Ghana

“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 added.

He also indicated that the IMF team applauded 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.