The International Monetary Fund (IMF) says it is satisfied with Ghana’s implementation thus far of its support programme since its approval by the board.
Delivering his speech at the World Bank meeting in Marrakesh, Morocco, the African Director, Abebe Aemro Selasie indicated that Ghana has adopted crucial approaches in ensuring that the imbalances being experienced in the macroeconomic space are resolved.
He also expressed optimism that discussions amongst official creditors will engender accelerated efforts in bringing the upcoming review to conclusion.
According to him, the approval of Ghana’s programme was mainly underpinned by “fairly rapid” efforts in creating the official creditor committee, unlike in the case of Zambia where it took longer.
“On Ghana, we are very pleased with the progress that has been made in implementing the program since it was approved by the Board and even a little before because there were quite a number of important steps that had been taken, which are the process of arresting the very large macroeconomic imbalances that were the root cause behind the recent crisis and beginning to correct them”.
“Action is also needed from creditor side, of course, and I have to tell you that whereas it took I think something like nine months or more for Zambia to get the official creditor committee to be created, in Ghana’s case, it was fairly rapid. So, that’s what allowed us to go to the Board and get the programme approved. And we’re very, very hopeful that the ongoing discussions amongst official creditors will also expeditiously allow us to conclude the upcoming review”, he added.
In that Ghana has done its fair share in the wake of the programme, it is now time for creditors to take steps.
The economically distressed country will not be required to embark on further adjustment “because creditors haven’t asked either,” he pointed out.
Following its implementation of an IMF programme, Ghana seems to be experiencing some semblance growth. Its cedi depreciation has seemingly slowed down, with the cedi currently still lingering around GH¢11.56 months after it reached same. The government introduced various tax components as it seeks financial support in order to mitigate that challenges.
But the measure has taken a toll on ordinary citizens, as many complain that their salaries have not seen an increase in a long time, yet they are made to pay so much. That has made living conditions go from bad to worse.
The economic turmoil has informed various differently purposed demonstrations in the country, as the youth seemed to be enraged by the direction of the country.
Meanwhile, in the wake of a fund support programme, the Bank of Ghana released a report indicating that the country had made a loss of GH¢60 billion, an amount equaled to what the country was seeking from the world bank.
This development fueled negative narratives about the running of the economy. Many have come to believe that the ruling government has not been honest and that their monies are being mismanaged.