Professor Ernest Aryeetey, the vice-chancellor of the University of Ghana, says he is optimistic that Ghana’s economy will pick up shortly.
He told Accra-based Starr FM that in the last couple of weeks the IMF endorsed the government’s policies and efforts to bring some stability into the fiscal arrangement and so there was finally some positive movement.
Prof Aryeetey said although things were currently not the best - citing loose fiscal policy, high budget and current account deficits and a depreciating currency amid high inflationary rate as the major fiscal challenges inhibiting the growth of the economy - there would be an improvement soon.
He also touched on President John Mahama’s management of the economy, saying: “Mr Mahama is doing what he can do as best as he can in the running of the country.”
A team from the International Monetary Fund (IMF), which visited Ghana from April 27-May 11, 2016 to conduct discussions on the third review of Ghana’s financial and economic programme, supported by the IMF’s Extended Credit Facility (ECF), lauded Ghana for largely keeping to the terms of the deal.
The head of the IMF team, Toujas-Bernaté, said at the end of the visit that implementation of the programme so far remained broadly satisfactory and that most of end-December 2015 performance criteria were met, with the exceptions of small deviations in the wage bill and net domestic assets of Bank of Ghana (BOG).