Ghana’s growth prospects strong – IMF

Ghana’s growth prospects remain strong, supported by robust oil and cocoa production, the International Monetary Fund( IMF) has said after undertaking the seventh review of Ghana’s performance with regards to the IMF’s extended credit facility.

According to the IMF team led by Annalisa Fedelino, Ghanaian authorities remain strongly committed to the program targets, but said:”The 2019 budget would need to address persistent revenue shortfalls and start tackling decisively the issue of exemptions”

The team visited Accra from September 17-27, 2018, and held various discussions that centred on recent developments, fiscal and monetary policies, vis a vis the extended credit facility to Ghana.

Under the programme, Ghana had to swallow some bitter pills so as to maintain tight fiscal discipline, without sacrificing growth.

The bailout programme has been extended to April 2019, from an initial deadline of April 2018, after the NPP government agreed to an extension of the program.

The fund is giving the country over $918 million to support its current account which is necessary for stabilising the local currency and control the shocks in the economy.