IMF Commends Ghana's Economic Progress

The International Monetary Fund (IMF) has lauded Ghana for the significant economic progress chalked in the last three years, and assured the government of its continuous support.

“We are extremely satisfied that very good progress is being made in Ghana,” Ms. Christine Odette Largarde, Managing Director of the IMF said at a meeting with President John Evans Atta Mills at the Blair House in Washington on Wednesday at the start of his state visit to the USA.

The meeting, which is the first engagement for the President as part of the visit, created the platform for the President and Ms Largarde to discuss pertinent issues towards advancing the cooperation between the government and the IMF.

Ms. Largarde, who was happy to meet the President, said the management of the Fund was also satisfied with the level of co-operation and collaboration from Ghana, adding that the IMF was prepared to support Ghana in exploring opportunities in emerging areas of the Ghanaian economy, such as the oil industry.

The Managing Director, who was accompanied by a team of directors, was optimistic that more dividends would accrue from the support the Fund is offering Ghana, and commended the government for the prudent management of the resources.

According to her, a recent review of the Fund’s operations in Africa found that Ghana had performed remarkably well, showing substantial economic gains.

In that regard, she commended President Mills for his personal engagement, and the government’s economic team for good fiscal policies that had pushed the country on the path of rapid economic growth.

“We are happy Ghana is on a strong path to growth,” she stressed, describing Ghana as a valued member of the organisation.

Recent reports on Ghana’s economic performance by the Bretton Woods institutions indicated that Ghana remained on track as it recorded significant progress in all sectors of the economy.

The World Bank, in a recent report indicated that in 2011, Ghana was the fastest growing economy in the world, recording a single digit inflation of 8.5 per cent, and a decline in interest rates to the lowest level in four decades.

As at the end of 2011, the budget deficit had been reduced to two per cent of GDP from 14.5 per cent of GDP in 2008. President Mills, for his part, was thankful to the Fund for its assistance to the country.

He further expressed appreciation for the IMF’s approval of the $3billion dollar China loan Ghana, and gave the assurance that the money would be utilized for the good of Ghanaians.

“We want to do the very best we can so that our people can benefit from this facility,” he noted.

He said the support from development partners such as the IMF, played a crucial role in the economic successes chalked in Ghana, adding that his administration is very appreciative for the IMF’s contribution.

“We appreciate the depth of support and readiness to help. If the economy is being described as one of the best, it is because of the support we have from you,” President Mills told the IMF delegation.

The President renewed Ghana’s commitment to the relations with the IMF, and pledged that “we will continue to be open, frank and transparent in our dealings with the IMF so that we can secure the necessary support.”

He assured the IMF leadership that it could be sure of Ghana’s readiness to deepen the relationship, and also work according to agreed plan of action.

Members of the government delegation at the meeting government included Kwesi Bekoe Amissah-Arthur, Governor of the Bank of Ghana, Dr. Kwabena Dufuor, Minister of Finance and Economic Planning and his deputy, Seth Terkper, Ms Hannah Tetteh, Minister of Trade and Industry, Alhaji Muhammad Mumuni, Minister of Foreign Affairs, Ms. Dzifa Attivor, Deputy Minister of Transport, and Daniel Ohene Agyekum, Ghana’s Ambassador to the US.

President Mills would laid a wreath at the Arlington Cemetery before meeting US President Barack Obama at the White House for bilateral talks.

President Mills is billed to meet business leaders, senators and congress men and women, US Attorney General Eric Holder and Patrick Fine, the Vice President of the Millennium Challenge Corporation among other engagements.