Deputy Finance Minister, Mona Quartey has expressed optimism the economy would stabilize in a year's time in view of the policies and measures government has adopted, including signing on the IMF programme.

Finance Minister Seth Terkper had said earlier on Wednesday in a presentation on the State of the Economy that there was every indication of full recovery sooner than later.

In 2013, Ghana’s promising economic flight was shot down; huge budget deficits gutted important macroeconomic gains. Economic rescue ropes snapped after falls in the prices of gold, cocoa and crude oil. An IMF extended facility programme was inevitable.

Having accepted the about 1 billion dollar rescue package from the IMF earlier this year, Mona Quartey said on Joy FM’s Business Trends, "I'm grateful for the baby steps we have taken in the first quarter. That is encouraging, that is motivating us to do even more".

She said government was committed to its new debt management strategy, cleaning the books and getting Ghana on a strong macro-economic indicator to enable the country grow faster than it did three years ago.

However Senior Lecturer at the University of Ghana Business School, Dr. Godfred Bokpin is doubtful there would be any significant improvement in the economy, especially as the power crisis persists.

"You cannot achieve all these projections in the dark! We need power, we need the enabling environment, we need the level of interest rates that will support businesses," he said on Business Trends.