Ghana’s Economy Performing Well – IMF

Ms Christine Lagarde, Managing Director of the International Monetary Fund (IMF), says Ghana’s current economy is in a better shape as compared to two years ago.

Ms Christine Lagarde says the IMF-supported programme had been an anchor for orderly economic adjustment and a positive signal to the market.

Addressing the President at the Jubilee House when she paid a courtesy call on him as part of her three day working visit to Ghana, Christine Lagarde, said all the economic indices point to the fact that Ghana is on the right path economically.

“We are really impressed with the work that has been done because you indeed arrived in a situation that was from a micro economic point of view fragile. All indications were in the red and through massive work, effort, sacrifices as well, those indicates are turning in the right direction” the IMF boss said.

She underscored the need for Ghana “to preserve those gains” for the progress of the country and the citizens in particular.

President Akufo Addo in his remarks to the IMF Boss said he see her visit to Ghana as a vote of confidence in what his government is doing to rescue the Ghanaian economy. He observed that his administration has tried everything possible to bring back on track the economy it inherited from the previous government which was in significant disequilibrium.

“You have the reassurance from us that the fundamental lesson that we have all learnt as a result of this several interventions by the Fund, which is the need for discipline in the management of our public finances, that lesson is one that is going down deep” the President said.

The IMF, founded in 1945, is a global body of 189-member countries, including Ghana. The visit of the IMF Boss to Ghana comes at a time IMF programme, signed in 2015, is nearing its completion.

The IMF Executive Board in April 2015, under the John Mahama government, approved a $918 million loan to Ghana to support a reform program aimed at faster growth and job creation while protecting social spending. Upon assumption of office, the Akufo Addo administration having inherited the programme continued with it. The has successfully completed same and will be exiting the programme at the end of December 2018.