Ghana’s economy in strong recovery

... growth expected to exceed 13% in 2011 – IMF

Ghana’s economy is said to have strongly recovered, while growth is expected to exceed 13% in 2011. International Monetary Fund (IMF) officials said these during a meeting with Ghanaian government officials in Accra.

“Ghana’s economy has recovered strongly since the start of the IMF-supported program in 2009. Economic growth is expected to exceed 13% this year, boosted by the start of oil production as well as strong activity in other sectors of the economy,” said Ms Christina Daseking in a statement September 2, 2011 after the team completed its work.

Officials from the IMF met with Ghanaian authorities during the week of August 29, 2011. The team praised the country’s economic recovery in recent times. The IMF team, led by Ms Daseking met with President John Evans Atta-Mills, Finance Minister, Dr. Kwabena Duffuor, Bank of Ghana Governor, Kwesi Amissah-Arthur as well as other senior officials.

The discussions focused on the country’s recent economic policy performance and challenges for 2012.

The team observed that Ghana’s inflation rate is now “firmly in single digits, and the cedi has remained broadly stable against the dollar, underpinned by an improved external position”.

Tax revenue during the first half of the year shows strong improvements over the same period in 2010, says the IMF adding that “full-year fiscal targets are achievable with continued control over expenditures.”

Another IMF team is expected to return to Ghana in the fall of 2011 to conduct discussions for the fifth review of Ghana’s IMF-supported programme under the Extended Credit Facility, the statement said.