Managing Director of the International Monetary Fund (IMF), Christine Lagarde says Ghana has everything it takes to do without an IMF program.
Ghana is expected to end the IMF program technically by the end of this year. But there are fears that rising public debts and budget overruns could send Ghana Back to the FUND.
Answering questions in a "Town Hall" meeting in Accra, Madam Lagarde said that the measures that government is putting in place now should stabilize the economy.
“You know your country better than I do, it seems to me on the face of it, particularly if the resolve that I have heard from the president, from the vice president, from the finance minister, from the governor if there is that resolve to actually stay the course and maintain that fiscal discipline I think the country has everything it takes to do without an IMF program,” Christine Lagarde said.
She added, “I very much hope that there would not be these external shocks, whether it takes sharp and durable drop in commodity prices or massive increases in tensions that could hamper any trade. I hope that doesn’t happen because if it did then clearly not just Ghana but quite a few countries would need our help and we stand ready.
We need to be ready and available for that. I think in addition to political maturity, I think that fiscal responsibility can be developed and it requires buying and it requires explaining but I think it in the seeds of the tree that you are nurturing.”
The gathering is to bring together, the Bank of Ghana governors, banking chiefs, civil society groups and the academia.
Extended Credit Facility
The IMF’s Extended Credit Facility (ECF) provides financial assistance for countries with protracted balance of payment problems.
In 2015, the Ghana government entered into an agreement with the IMF for economic assistance.
The deal concluded with funding support of $918 million to be disbursed to Ghana under eight tranches. Some key issues of the credit facility included the freezing of public sector employment, reducing the budget deficit and zero financing of the budget deficit by the BoG.
Source: Joy Business
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We stand by ready if there is a sharp drop in commodity prices or tensions that hampers trade. That is how they will try and stampede you to come back to keep the poverty going. Under Mahama commodity prices fell and coupled with the massive lootingggggg, he had to go. The African Union agenda of zero corruption is the fastest catalyst to the economic liberation of our peoples from the predatory policies of the IMF.
O madam politics is destroying everything in this country.
Managing Director of the International Monetary Fund (IMF), Christine Lagarde says Ghana has everything it takes to do without an IMF program!deu to the massive investment made in the oil and GAS sectors by the NDC government period.
We still have an NDC government who will mismanage the resources and quickly ran amock to the IMF THAT 'Ghana here we come, we have mismanaged the economy to the extent that we need your control' Yet we have the NDC saying we should give them the chance to come and mess up again. Chai!! we no go gree da.
The babies with sharp teeth will heavily descend on you for saying the obvious truth.
'Managing Director of the International Monetary Fund (IMF), Christine Lagarde says Ghana has everything it takes to do without an IMF program!'. Did the NDC hear that? INCOMPETENT party! NEVER AGAIN!
'Oyiwa, NDC'! NEVER AGAIN! We will NEVER go back to Misirm'!