Ghana has performed creditably under PRGF-IMF

Accra, Sept. 1, GNA - Ghana has received thumps up from the International Monetary Fund (IMF) for what it says, is the country's creditable performance under its Poverty Reduction Growth Facility (PRGF).

Mr Samuel Itam, a Senior Advisor at the African Department of the Fund, said they were satisfied with the way the country had performed and that they were convinced that a solid foundation had been laid to move the economy forward with more dynamism. He gave the commendation when he led an IMF delegation now in Ghana for the sixth and final review of the PRGF to pay a courtesy call on President John Agyekum Kufuor at the Castle, Osu, on Friday.


The PRGF, is a programme through which, the IMF has since the last three years been providing money to support Ghana's fight to reduce poverty. The last amount of 56 million dollars to the country was received in June 2006, and an additional tranche of 26 million dollars is expected by the end of October. This would be the final money under the PRGF as the facility is being phased out. It is going to be replaced by the Policy Support Instrument (PSI). Mr Itam noted that all the macro-economic indicators in the country were positive and cited the stability of the Cedi, the annual growth rate of six per cent and the growth in foreign reserves to support his assertion.

President Kufuor said although concessionary loans were good, there was now the need to shift into an investment psyche. He said with the positive report, the IMF and the World Bank should help the country to access investments to develop the energy sector, Information Communication Technology (ICT) and the rail system among other things. He said there was the need for example to double Ghana's energy capacity through the installation of thermal plants. "If we are really going to move, the World Bank must hear of this report and work with us to deliver this investment." President Kufuor said he was happy with the report, adding that, this was the first time the Fund had come positively over Ghana's performance. The Fund in the past had been cautious in its statements. He praised Mr Itam for his commitment and interest in assisting the country to increase the pace of its economic performance saying: "You deserve commendation."