Two things that could make a difference in Ghana’s economic situation before end of 2022

Ghana’s economic situation is expected to see marginal improvements in the coming days as the country continues to discuss financial assistance with the International Monetary Fund (IMF). An economist, Dr. Patrick Asuming, has stated that before the end of the year, there are two things that can make a difference in the trajectory of macroeconomic indicators. The Economist indicated that being able to secure funding from the IMF before the year ends could make a difference in Ghana’s situation because this will improve investor confidence in the economy. Also, he added that the commitment that will be proven by the government in the 2023 budget will also go a long way to show that it is making efforts to ensure that the economy rebounds. “There are two news items that we are expecting before the end of the year which could make a difference. One is if the IMF deal goes through and the other is what the finance minister will say during the reading of the 2023 budget. If there is the indication from the budget that the government is showing commitment by way of fiscal policy measures, we might see some improvement. “If also there is the indication that the IMF deal has been agreed and we will make progress quickly, that might change investor sentiments and thereby improve what will happen after that,” he is quoted by citibusinessnews.com. As of August 2022, the country's inflation has stood at 33.9%. The Ghana cedi has also depreciated by almost 40% against other major trading currencies, ranking as the second worst-performing currency in the world. Watch the latest episode of BizTech below: SSD/AE

Ghana’s economic situation is expected to see marginal improvements in the coming days as the country continues to discuss financial assistance with the International Monetary Fund (IMF). An economist, Dr. Patrick Asuming, has stated that before the end of the year, there are two things that can make a difference in the trajectory of macroeconomic indicators. The Economist indicated that being able to secure funding from the IMF before the year ends could make a difference in Ghana’s situation because this will improve investor confidence in the economy. Also, he added that the commitment that will be proven by the government in the 2023 budget will also go a long way to show that it is making efforts to ensure that the economy rebounds. “There are two news items that we are expecting before the end of the year which could make a difference. One is if the IMF deal goes through and the other is what the finance minister will say during the reading of the 2023 budget. If there is the indication from the budget that the government is showing commitment by way of fiscal policy measures, we might see some improvement. “If also there is the indication that the IMF deal has been agreed and we will make progress quickly, that might change investor sentiments and thereby improve what will happen after that,” he is quoted by citibusinessnews.com. As of August 2022, the country's inflation has stood at 33.9%. The Ghana cedi has also depreciated by almost 40% against other major trading currencies, ranking as the second worst-performing currency in the world. Watch the latest episode of BizTech below: SSD/AE