July 19, 2024
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Ghana’s growth rate not revised from 1.5% to 1.2% – IMF Rep

The International Monetary Fund (IMF) has denied revising Ghana’s growth rate from 1.5 per cent to 1.2 per cent.

The Fund’s Resident Representative in Ghana, Dr. Leandro Medina, clarified in a statement that: “The latest IMF World Economic Outlook projection (1.2 per cent growth for 2023) is based on an old vintage of Fund staff projections. In particular, it does not take into account the recent data releases that showed a higher growth rate than expected at the beginning of the programme (averaging 3.2 per cent for the first two quarters)”.

“At the current juncture, and based on the findings of the first ECF review mission that just ended last week, IMF staff assessment is that the growth projection for 2023 will be revised up from the 1.5 per cent previously assumed”, he explained.

Meanwhile, Ghana’s Ministry of Finance has expressed gratitude to the IMF for its continued support to Ghana and also for urging the country’s bilateral creditors to promptly agree on debt relief terms to facilitate Ghana’s access to the second tranche of the $3 billion from the Bretton Wood Institution.

Following the recent review of Ghana’s bailout package, IMF boss Kristalina Georgieva tweeted: “Great to meet @MoF_Ghana Min Ofori-Atta & @thebankofghana Gov Addison at #IMFMeetings. Congrats on the recent staff-level agreement on the Fund-supported programme’s first review”. 

She added: “Counting on bilateral creditors reaching agreement on debt relief soon to move the review forward”.

Expressing gratitude to the IMF for its crucial support, Ghana’s Finance Minister Ken Ofori-Atta tweeted: 

“Great meeting with @KGeorgieva during the #IMFMeetings. Discussed recent achievement of SLA for the first review. Grateful for strong IMF support, and calling on bilateral creditors to agree on debt relief terms as quickly as possible. #GhanaRising”.

The IMF, awaiting the outcome of Ghana’s engagement with bilateral creditors, emphasised the necessity of resolving debt relief terms before releasing the next tranche of the $3 billion facility.

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