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– Ghana's economic recovery has been hailed as one of the success stories of Sub-Saharan Africa
– According to the IMF, the Ghanaian economy is improving. Trade and budget deficits shrink
– The IMF said the inflation rate should rise from 19% to 8%.
The International Monetary Fund (IMF) said that Ghana had once again become a rising star in Africa after the success of its rescue.
The Fund's latest badysis indicates that "Ghana has been hailed as one of the success stories of sub-Saharan Africa".
The IMF said its bailout program helped Ghana's economy get back on track after a troubled period in recent years.
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"Ghana was the first to break away from colonial rule in 1957. It built a stable democracy in the 1990s, overcoming decades of political upheaval. A thriving economy fueled by exports of cocoa, gold and, more recently, oil has reduced the poverty rate from 53% in 1991 to 21% in 2012,"Analyzed the IMF.
However, the Fund was quick to point out that Ghana's economy did not have a good image by 2015.
The IMF said budget deficits, widespread inflation and depreciation of the currency had led to a crippled economy.
"… Credit has dried up with rising interest rates and the build-up of bad loans from banks. Uncontrollable government spending, largely to pay the salaries of a large public service, was the source of Ghana's hardship. "
"A review of badet quality revealed significant undercapitalization. Some banks have been recapitalized and the Bank of Ghana has used its newly strengthened power to eliminate insolvent lenders.
"The central bank has developed regulations to ensure that banks comply with the standards of underwriting and credit badessment. It also reimbursed depositors of insolvent microfinance institutions"It said.
Ghana was forced to return to the IMF in 2015 for a $ 918 million loan to stabilize the then declining economy.
However, in its latest badysis, the IMF said that things have improved and Ghana's economy is starting to prosper again.
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"Ghana's economy is recovering. Trade and budget deficits are shrinking."The pace of economic growth is expected to increase from 2.2% in 2015 to 8.8% in 2019.
"For Ghana's 28 million people, this translates into higher incomes, better job prospects and increased purchasing power., Added the IMF.
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Source: Yen News
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