Ghana will pass 3rd IMF review- Finance Ministry

The Ministry of Finance says it is optimistic of Ghana’s performance in the third review of the economic assistance program with the International Monetary Fund (IMF).

The Ministry maintains it has performed creditably in meeting most of the conditions set by the IMF.

The Director of African Department at the IMF, Madam Antoinette Sayeh has indicated that a mission will be visiting Ghana to complete the third review to assess the country’s performance under the USD940 million fund program.

Although some analysts have expressed reservations about Ghana’s performance; a deputy Finance Minister, Cassiel Ato Forson believes otherwise.

The CEO of Dalex Finance, Ken Thompson had told Citi Business News Ghana might miss some of the targets.

But Mr. Forson says Ghana will pass the third review following government’s committment to sustaining the gains made so far since going to the fund.

“We have had critics thinking that we may not be able to pass the first review but we did pass the first and even the second review as well. The country is moving into the face of growth; growth that will create employment. We have projected a growth of a little above 5% of GDP today but what is that of the sub – region, it is around 3.3%. We hope our growth will move up to double digits,” he explained.

Some of the parameters the IMF will be assessing Ghana on include; the government’s commitment to reducing the public wage bill which has contributed to the country’s huge debt to GDP ratio; government’s ability to diversify revenue generation options through mechanisms that will widen the tax net as well as the Bank of Ghana not funding government’s budget deficits.

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By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana