- The IMF has hinted that Ghana could soon develop without an Extended Credit Facility (ECF).
- The MD of the IMF, Christine Lagarde, explained that assurances from top government officials have convinced her that it is possible
The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has hinted of a possible progress of Ghana’s development without an Extended Credit Facility (ECF).
Speaking at a forum in Accra on Tuesday, December 18, 2019, she said that if signals she has received are standards to go by, then the country could soon wean itself off the programme.
“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 programme,” she explained.
Her comments come ahead of Ghana’s scheduled exit from the IMF programme by the close of 2018.
Ghana entered into an ECF with the IMF for economic help in 2015 with funding support of $918 million.
The governing New Patriotic Party (NPP) has, however, announced that it will be moving away from such deals with the IMF.
Lagarde told a gathering of government agencies, personnel from the central bank, private sector, think tanks, civil society, NGOs and the academia that she was hopeful that there would not be any significant external shocks, whether it was sharp and durable drop in commodity prices or massive increases in tensions, that could hamper any trade.
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