Prez Mahama explains IMF engagement

President Dramani Mahama on Monday explained why Ghana has gone in for assistance from the International Monetary Fund (IMF) in spite of the economic growth the country was enjoying.

He said although Ghana's economic growth was moving at an average of eight percent in the last five years, wage bill and other development challenges were thwarting those laudable economic growths.


President Mahama said this when he addressed Ai African Heads of state investment dialogue and networking luncheon as part of his 10-day official visit to the United States of America.


President Mahama who arrived in New York on Saturday to attend the 69th United Nations General Assembly is also engaging in other activities that would speed the development agenda of Ghana and West Africa.


He would also be delivering two lectures in the Harvard and Bandeis Universities in Boston, engage other leaders for bilateral discussions and meet business partners and investors in Ghana.


The keynote address at the New York Stock Exchange was to share ideas and experiences Ghana and West Africa for that matter had gained in the sub Region and how such achievements could be replicated in other areas to speed up economic growth.


President Mahama said the preliminary talks with the IMF would end on September 25 and would chart the path for a three- ear IMF programme for Ghana. He announced that Ghana would implement the three-year IMF assistance programme in January 2015 to accelerate economic growth in the coming years.

The President said the implementation of the IMF programme in Ghana would institute measures that would reverse the deficits the country had experienced since 2012.


Apart from sustaining economic growth in the West African country, President Mahama explained that the measures would also help to create more jobs for the teeming youth of the country.


He said Ghana's third Eurobond had also been successful beyond expectation and $250 million of the Eurobond funds would be used for infrastructure development.


On investment, President Mahama said the next destination of growth and development was in Africa because of its 'virginity' in many areas and Ghana would take advantage of the opportunity to partner the private sector to inch- up growth beyond the current status.


President Mahama gave the assurance that the economic challenges would be surmounted to pave way for flourishing business and appealed to investors not to relent in their efforts.