Ghana’s economy is moving in the right direction this is according to the Deputy Managing Director of the International Monetary Fund (IMF) Mr. Min Zhu.
Mr. Min Zhu’s comments comes a few weeks after his outfit released its review report on Ghana under the Extended Credit Facility (ECF) program.
He made the assertions after meetings with President John Mahama, Finance Minister Seth Tekper, Deputy Governor of the Bank of Ghana Millison Narh, some leading economists, business leaders and representatives of civil society organizations.
Ghana was forced to go into the program following economic challenges that engulfed it some two years ago.
The program is expected to bring Ghana out of the woods by restoring debt sustainability and macroeconomic stability to foster a return to high growth and job creation, while protecting social spending.
Under the three year program which was approved on April 3, 2015 Ghana will receive 918 million dollars.
So far Ghana has received 229.1 million dollars of cash from the program and will now receive 114.6 million dollars following the completion of yesterday’s review.
Mr. Min Zhu addressing the media in Accra, Ghana on the ECF program said Ghanaian authorities have so far shown strong commitment. He adds that the economy is moving in the right direction.
“Throughout analysis in this contract, and more importantly, we see that the whole economy is moving in the right direction. We expect to see the growth we’re getting back stronger, and we expect to see that inflation will drop by 2 to 3 percent,” “We expect to see that the government will cut the budget deficit by 2 percent and with all that we expect to put the economic growth at 4 to 5 percent,” Mr. Min Zhu said.
Source: citifmonline