An International Monetary Fund (IMF) crew has concluded its engagements with authorities officers with the belief that Ghana is dealing with hard financial and social scenario.
The IMF team of workers crew led via way of means of Carlo Sdralevich visited Accra all through July 6-13, 2022, to evaluate the cutting-edge financial scenario and talk the extensive traces of the authorities’s Enhanced Domestic Program that would be supported via way of means of an IMF lending association.
The IMF crew met with Vice President Dr Mahamudu Bawumia, Finance Minister Ken Ofori-Atta, and Governor Ernest Addison of the Bank of Ghana. The crew additionally met with the Parliament’s Finance Committee, civil society organizations, and improvement partners, inclusive of UNICEF and the World Bank to have interaction on social spending.
At the belief of the mission, Mr. Sdralevich said: “Ghana is dealing with a hard financial and social scenario amid an more and more more tough worldwide environment. The financial and debt scenario has significantly worsened following the COVID-19 pandemic. At the identical time, investors’ worries have precipitated credit score score downgrades, capital outflows, lack of outside marketplace access, and growing home borrowing costs.
“In addition, the worldwide financial surprise because of the strugglefare in Ukraine is hitting Ghana at a time whilst the united states continues to be convalescing from the Covid-19 pandemic surprise and with confined room for maneuver. These negative traits have contributed to slowing financial growth, accumulation of unpaid bills, a massive change price depreciation, and a surge in inflation."
He disclosed that "the IMF crew held preliminary discussions on a complete reform bundle to repair macroeconomic balance and anchor debt sustainability. The crew made development in assessing the financial scenario and figuring out coverage priorities withinside the close to term. The discussions centered on enhancing financial balances in a sustainable manner even as protective the susceptible and poor; making sure credibility of the financial coverage and change price regimes; retaining monetary quarter balance; and designing reforms to decorate growth, create jobs, and improve governance."
He stated that the “IMF team of workers will retain to reveal the financial and social scenario carefully and have interaction withinside the coming weeks with the government at the system in their Enhanced Domestic Program that would be supported via way of means of an IMF association and with extensive stakeholders’ consultation".
He reaffirmed the IMF's dedication to aid Ghana at this tough time, steady with the IMF’s policies.
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