​​​​​​​IMF exit opens way for enormous economic transformation – YPN

​​​​​​​IMF exit opens way for enormous economic transformation – YPN
Source: Ghana| Myjoyonline.com | Nasiba Yakubu
Date: 10-04-2019 Time: 04:04:15:pm

The Young Professionals Network has expressed hope in the government’s exit from the IMF program.

The network in a press statement to congratulate the government on a successful IMF exit stated, IMF handling over management of the economy to the Ghanaian team will increase the implementation of human-faced projects.

YPN added some executions by government pushed the improvement of the economy.

The government of Ghana under the NDC, in 2015, signed a three-year agreement with the IMF for an external credit facility of $918million to foster economic stability.

Based on the agreement, the IMF set out benchmarks for structural reforms and financial sector stability. 

According to YPN, economic indicators continued to deteriorate even after the agreement was in place.

“As our debt stock ballooned, inflation increased and the economy had a better part of ripple effects from poor economic management guaranteeing that the nation could not have been able to leave the programme per the stipulated tenor,” the statement read.

After doing pre and post the NPP coming to power in 2017 analysis, YPN stated it has noticed an economic improvement per remarkable performance of key indicators.

YPN indicators

The Network explained governments performance and executions, eventually led to the country’s exit from the IMF programme.

YPN also named receipt of highest FDI in West Africa, building a robust banking sector through reforms, support for the implementation of Free SHS, reduction in import duties as some of the qualitative strides made by this administration.