An International Monetary Fund (IMF) group has concluded its engagements with authorities officers with the belief that Ghana is dealing with hard financial and social state of affairs.
The IMF group of workers group led through Carlo Sdralevich visited Accra at some stage in July 6-13, 2022, to evaluate the modern-day financial state of affairs and speak the vast traces of the authorities’s Enhanced Domestic Program that would be supported through an IMF lending association.
The IMF group met with Vice President Dr Mahamudu Bawumia, Finance Minister Ken Ofori-Atta, and Governor Ernest Addison of the Bank of Ghana. The group additionally met with the Parliament’s Finance Committee, civil society organizations, and improvement partners, which includes UNICEF and the World Bank to interact on social spending.
At the belief of the mission, Mr. Sdralevich said: “Ghana is dealing with a hard financial and social state of affairs amid an more and more more tough worldwide environment. The monetary and debt state of affairs has significantly worsened following the COVID-19 pandemic. At the equal time, investors’ issues have brought on credit score score downgrades, capital outflows, lack of outside marketplace access, and growing home borrowing costs.
“In addition, the worldwide financial surprise as a result of the strugglefare in Ukraine is hitting Ghana at a time whilst the us of a continues to be getting better from the Covid-19 pandemic surprise and with restricted room for maneuver. These destructive tendencies have contributed to slowing financial growth, accumulation of unpaid bills, a big trade price depreciation, and a surge in inflation."
He disclosed that "the IMF group held preliminary discussions on a complete reform bundle to repair macroeconomic balance and anchor debt sustainability. The group made development in assessing the financial state of affairs and figuring out coverage priorities withinside the close to term. The discussions centered on enhancing monetary balances in a sustainable manner even as shielding the susceptible and poor; making sure credibility of the economic coverage and trade price regimes; retaining economic quarter balance; and designing reforms to beautify growth, create jobs, and toughen governance."
He referred to that the “IMF group of workers will maintain to reveal the financial and social state of affairs carefully and interact withinside the coming weeks with the government at the method in their Enhanced Domestic Program that would be supported through an IMF association and with vast stakeholders’ consultation".
He reaffirmed the IMF's dedication to aid Ghana at this tough time, constant with the IMF’s policies.