IMF rates Ghana's economic outlook as favourable

The International Monetary Fund (IMF) says Ghana’s economy is favourable and is supported by overall prudent economic policies, strong extractive industry activity, and a safer banking system.

The IMF made this known in a statement issued on Friday October 25, after its team led by Carlo Sdralevich, visited Accra September 30 to October 11, 2019 to conduct discussions on the 2019 Article IV Consultation, which was concluded in Washington, D.C. on the occasion of the 2019 IMF and World Bank Annual Meetings.

“Ghana’s macroeconomic outlook remains favorable, supported by strong activity in the extractive industry and a safer banking system. Real GDP growth is projected at around 7 percent in 2019. September consumer price inflation, at 7.6 percent in the rebased CPI series, is just below the 8 percent target.

“The cedi has depreciated by about 10 percent from the beginning of 2019. Bank of Ghana’s international reserves are projected to record a build-up in 2019, supported mainly by an improving trade balance and external borrowing. The primary risk to the outlook remains policy relaxation in the run-up to the 2020 elections,” the statement said.