An International Monetary Fund (IMF) workforce crew led via Carlo Sdralevich has concluded its first visit to Accra, Ghana, to examine the cutting-edge economic scenario and talk about the wide traces of the government’s Enhanced Domestic Program that could be supported by way of an IMF lending arrangement.

The IMF group met with H.E. Vice President Bawumia, Finance Minister Ofori-Atta, and Governor Addison of the Bank of Ghana. The group also met with the Parliament’s Finance Committee, civil society organizations, and improvement partners, including UNICEF and the World Bank to engage in social spending.

At the conclusion of the mission, Mr Sdralevich the U.S.A is dealing with a difficult economic and social scenario amid an increasing number of difficult international surroundings however brought that the IMF is committed to assisting Ghana to flip around its fortunes.

“Ghana is dealing with a challenging economic and social scenario amid an increasingly more hard world environment. The fiscal and debt scenario has severely worsened following the COVID-19 pandemic.

At the identical time, investors’ issues have induced deposit rating downgrades, capital outflows, loss of exterior market access, and rising domestic borrowing costs.

“In addition, the global monetary shock prompted with the aid of the fighting in Ukraine is hitting Ghana at a time when the U.S.A is nevertheless convalescing from the Covid-19 pandemic shock and with limited room for manoeuvre.

These adverse traits have contributed to slowing financial growth, accumulation of unpaid bills, a giant change rate depreciation, and a surge in inflation.

“The IMF crew held initial discussions on a complete reform bundle to fix macroeconomic steadiness and anchor debt sustainability. The team made growth in assessing the economic scenario and figuring out coverage priorities in the near term.

The discussions centred on improving fiscal balances in a sustainable way while protecting the vulnerable and poor; ensuring the credibility of the economic policy and exchange fee regimes; retaining financial area stability, and designing reforms to enhance growth, create jobs, and beef up governance.

“IMF staff will proceed to display the financial and social situation carefully and interact in the coming weeks with the authorities on the formula of their Enhanced Domestic Program that ought to be supported by using an IMF association and with huge stakeholders’ consultation.

“We reaffirm our commitment to support Ghana at this difficult time, steady with the IMF’s policies.

“Staff specific their gratitude to the authorities, civil society, and improvement companions for their positive engagement and assist all through the mission.”


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