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General News of Thursday, 10 October 2019

Source: 3 News

IMF praises Ghana’s ‘favourable’ economic system – Assibey-Yeboah

Government says the International Monetary Fund (IMF), has given Ghana’s economy a clean bill of health because it remains favourable.

Chairman of the Parliamentary Finance Committee, Mark Assibey-Yeboah, told journalists Wednesday that the IMF team which is in the country for consultation is impressed with the management of the economy, post the country’s 3-year extended credit facility programme.

The team met with the Finance Committee as part of its mission in Ghana and held discussions on macroeconomic performance, revenue mobilisation, the financial sector clean up and matters bordering on Ghana’s exit of the IMF programme.

“They [the IMF team] said the macroeconomic situation remains favorable. Those were the words of the Mission Chief,” Mr Assibey-Yeboah said.

According to the chairman of the parliamentary committee, the IMF delegation chief projected GDP growth for 2019 at 7 per cent; a reduction from the original 8.8 percent.

“Inflation is now at 7.8% and if you look at the trend over the past 13 months or so, it’s not expected to rise”. Dr. Assibey-Yeboah stated.

Dr. Assibey-Yeboah further disclosed that the IMF team praised Ghana for the smooth manner it conducted the banking clean-up exercise.

“As regards the banking sector clean-up…what I gathered from them is that the whole process has been smooth and it really amazes them. For you to resolve all these banks, microfinance institutions and S & L’s within a short period and still have financial stability, those at the helm must be doing something fantastic. What they have achieved is amazing”, he claimed.

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