Ghanaian economist Dr. Sampson Anomah says the International Monetary Fund (IMF) is pleased and optimistic about Ghana’s economic performance because we have put in a lot of work.
According to the lecturer who lectures at Kumasi Technical University, the economy has performed better than it did, especially during the COVID-19 era.
Recounting the past, he said that from July 2022 through December 2022, we were faced with a serious crisis because we were unable to generate enough funds to manage the country.
He noted that the expectations and projections we had when the E-Levy was introduced also failed; we encountered a shortage of the dollar, a situation that also pushed our inflation rate to unimaginable levels.
And so, if we had waited for another two months, the country would have grinded to a halt to the point of food shortages and other sectoral problems. That was why the President took the bold decision to go to the IMF.”
Speaking in an interview on Nyankonton Mu Nsem on Rainbow Radio 87.5 FM, he described the situation as dire and to the point that we could not service our debts.
“However, within a record time of going to the IMF, we have managed to put our house in order. It helped in addressing the shortage of the dollar.
The inflation rate also decreased drastically, and we adopted measures to cut down on expenditures, raise revenue, and increase our tax revenue. These things are reflected in our GDP growth.
He said it was projected that we would grow at a rate of 1.5 percent, but by the end of the end of 2023,, we would have recorded 2.9 percent. So it was not surprising that the IMF approved the second tranche early this year.
“The IMF remains positive about our performance. They are extremely excited and surprised about the gains we have made. The inflation rates, fiscal consolidation, GDP growth, and all the other gains exceeded their expectations. Due to this performance we have recorded, the IMF will approve the second review, leading to the release of $360 million. This would bring the total disbursement to $1.5 billion.”
He said the estimates given for 2025 remain positive, and the forecasts for the country will be positive for the economy.
He maintained that if we are to remain candid and avoid the politicisation of our economic issues, we will realise that the economy is back on track.
“The analysis by the IMF reflects the true representation of the facts. The speed at which the economy is bouncing back is very fast. Those who conduct the analysis know that these facts are sacred, but the Ghanaian who lacks an understanding of how these things are done will not agree.”
By: Rainbowradioonline.com/Ghana