The International Monetary Fund (IMF) team led by Carlo Sdralevich has concluded preliminary discussions and assessment of Ghana’s economic situation.
The IMF team came to Ghana on July 6, 2022, at the invitation of the government.
The Bretton Woods institution in a statement issued on Wednesday, July 13 said it was committed to supporting the West African country
“We reaffirm our commitment to support Ghana at this difficult time, consistent with the IMF’s policies.”
The statement further stated that the IMF staff will continue to monitor the economic and social situation in Ghana closely and engage in the coming weeks with the authorities on the formulation of their Enhanced Domestic Program.
The IMF also outlined some of the challenging situations in which Ghana finds itself.
- Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment.
- The fiscal and debt situation of Ghana has severely worsened following the COVID-19 pandemic.
- Investors’ concerns have triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs.
- The IMF opined further that the global economic shock 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.
The IMF is of the view that the above developments have contributed strongly to slowing economic growth, accumulation of unpaid bills, a large exchange rate depreciation, and a surge in inflation.
The IMF team that visited Ghana, met with Vice President, Dr. Mahamudu 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 during its engagement.
