The International Monetary Fund has vowed to help Ghana recover from its serious economic meltdown of the past few years with the introduction of robust programmes to that effect, APA can report on Monday.
In a statement shortly after it concluded a one-week visit to the cash-strapped country last week, the IMF said it held fruitful engagements with the government of Ghana with whom they ”will continue to work closely to complete our enhanced economic programme, in support of a robust economic recovery”.
The IMF acknowledged that Ghana faces a challenging economic and social situation amid an increasingly difficult global environment.
”The fiscal and debt situation has severely worsened following the Covid-19 pandemic. At the same time, investors’ concerns have triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs” it said.
The IMF said the global economic shock caused by the war in Ukraine is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for manoeuver.
”These adverse developments have contributed to slowing economic growth, accumulation of unpaid bills, a large exchange rate depreciation, and a surge in inflation” it said.
In the meantime, the government has vowed to remain committed to the various fiscal policy measures, geared towards mitigating the impact of current global economic headwinds on the economy and Ghanaians.
The Ministry of Finance further assures Ghanaians of the government’s steadfast commitment to a speedy economic recovery, towards achieving what it calls a Ghana Beyond Aid.
WN/as/APA