Audio By Carbonatix
The International Monetary Fund (IMF) has given Ghana's economy a clean bill of health.
According to an IMF team which is in the country for Article 4 Consultations, Ghana's economy remains favourable.
The team on Wednesday met with the Finance Committee of Parliament as part of its mission.
The discussions, amongst others, centered on macroeconomic performance, revenue mobilisation, the financial sector clean up and matters bordering on Ghana's exit of the ECF program.
Addressing the media after the meeting, chairman of the Finance Committee, Dr Mark Assibey-Yeboah disclosed that the IMF is impressed with the management of the economy post the country's three-year ECF program with the fund.
"They said the macroeconomic situation remains favorable. Those were the words of the Mission Chief. He said the projected GDP growth for 2019 is 7%, a reduction from the original 8.8%.
“Inflation is now at 7.8% and if you look at the trend over the past 13 months or so it's not expected to rise". Dr Assibey-Yeboah stated.
Dr Assibey-Yeboah further disclosed that the IMF team praised Ghana for the smooth nature in which it has undertaken the banking clean-up exercise.
"As regards the banking sector clean-up, what I gathered from them is that the whole process has been smooth and it really amazes them.
“For you to resolve all these banks, microfinance institutions and S & L's within a short period and still have financial stability, those at the helm must be doing something fantastic. What they have achieved is amazing", he added.
"They said the macroeconomic situation remains favorable. Those were the words of the Mission Chief. He said the projected GDP growth for 2019 is 7%, a reduction from the original 8.8%.
“Inflation is now at 7.8% and if you look at the trend over the past 13 months or so it's not expected to rise". Dr Assibey-Yeboah stated.
Dr Assibey-Yeboah further disclosed that the IMF team praised Ghana for the smooth nature in which it has undertaken the banking clean-up exercise.
"As regards the banking sector clean-up, what I gathered from them is that the whole process has been smooth and it really amazes them.
“For you to resolve all these banks, microfinance institutions and S & L's within a short period and still have financial stability, those at the helm must be doing something fantastic. What they have achieved is amazing", he added.DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
96% of Ghanaian pensioners willing to work beyond retirement age – Study
3 minutes -
Ghana gets nuclear power plant simulator
9 minutes -
GMTF, Atlantic Lifesciences explore local production of cancer and heart medicines
14 minutes -
GHS medical-legal claims hit GH¢400m in three years
20 minutes -
Mahama cautions Ghanaians not to take religious freedom for granted
36 minutes -
We need development pathway, not selection exercise – Sports Minister urges football stakeholders
43 minutes -
Government prioritises foundational learning to improve education outcomes
49 minutes -
Ghana, Côte d’Ivoire deepen maritime security cooperation through joint boundary inspection
55 minutes -
Three-hour rainfall exposes poor drainage system in Kadjebi
1 hour -
Ghana, China push AI innovation in healthcare
1 hour -
Give young people skills and the systems to create jobs
1 hour -
Food inflation never responded – Dr Yamson says Ghana must stop throwing money at short-term fixes
2 hours -
Oil set for second weekly rise as unsettled US-Iran war crimps supply
2 hours -
US teen drops lawsuit against Meta, Google and Snap ahead of trial
2 hours -
Meghan could return to acting once back in UK
2 hours