The Country Senior Partner at Price Water House Coopers (PwC) Ghana Vish Ashiagbor has justified the concerns expressed by some Ghanaians about the fate of the economy after the completion of the International Monetary Fund (IMF) programme in 2027. 

Mr. Ashiagbor noted that it is clear that the current stability that Ghana is recording can be totally linked to the IMF programme.

“What we are seeing today is because of the IMF programme, but can it be sustained going forward”, he queried.

He spoke on PM Express Business Edition on August 1, 2024 on the topic: Mid-Year Review and the Private sector with host George Wiafe

Mr. Ashiagbor added that “just like how it was captured in the Mid-Year Budget Review report. We are asking ourselves is that what will happen when restraints are removed?

“For us at PwC we don’t think that the necessary structural reforms are being implemented to ensure that the recovery will be sustained after the IMF programme”, he said.

He stated that it is not clear whether the fundamental issues have been addressed.

“It will be great if we get more updates about the IMF programme and what Government is doing when it comes to these reforms”.

Impact of IMF Programme on the Economy

Mr. Ashiagbor stated that the IMF programme has gone a long way to give some certainty to businesses on the outlook of the Economy.

He said before the IMF, there were serious concerns about the outlook for the economy, however the concerns about uncertainty has improved greatly after Ghana signed up to the programme.

The Country Senior Partner of PwC Ghana noted that providing more information about the IMF programme and the reforms being undertaking may go a long way to fast track the recovery of the economy. 

Negotiations with External Creditors and Ghana’s Economic Recovery

The IMF in its Staff report warned off some challenges for the economy if Government does not move fast to sign an agreement with the External Creditors on the restructuring of the country’s debts.

Government has announced that it has reached an Agreement in Principle with the Bilateral Creditors and the Eurobond Holders on how to restructure their debts.

But responding to these Mr. Ashiagbor noted that the concerns expressed by the IMF is not out of place.

“This is because Government must move fast to close this agreement to give investors some certainty going forward”, he said.