The International Monetary Fund (IMF) has reaffirmed its commitment to support Ghana to achieve it Enhanced Domestic Programme after concluding its first part of negotiation visit to the country.
The meeting focused on improving fiscal balances in a sustainable way while protecting the vulnerable and poor; ensuring credibility of the monetary policy and exchange rate regimes; preserving financial sector stability; and designing reforms to enhance growth, create jobs, and strengthen governance.
At the conclusion of the mission, the IMF team led by its Division Chief, Carlo Sdralevich observed that “Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment. The fiscal and debt situation has severely worsened following the COVID-19 pandemic.”
According to the IMF team, the country is being seriously confronted with global economic shocks caused by the war in Ukraine “is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for maneuver.”
“These adverse developments have contributed to slowing economic growth, accumulation of unpaid bills, a large exchange rate depreciation, and a surge in inflation.”
Initially, the IMF team met with the Vice President Bawumia, Finance Minister Ofori-Atta, and Governor Addison of the Bank of Ghana
The team also met with the Parliament’s Finance Committee, civil society organizations, and development partners, including UNICEF and the World Bank to engage in social spending.
By Vincent Kubi