IMF predicts fatal disaster for Ghana's economy

IMF predicts fatal disaster for Ghana's economy

The international monetary fund (IMF) is warning Ghana of a possible economic disaster should government fail to check the troubling rising debts in the country.

In its staff report on Ghana's performance under the third IMF program, the IMF board in Ghana reveals that their main scare happens to be challenges Ghana faces with the capacity to raise revenue for national development.

The International Monetary Fund (IMF) is warning of a full-blown financial crisis for Ghana if aggressive measures are not taken to check government’s rising debts.

“In the context of a much higher public debt level, a replay of the past spending splurges in election years would greatly heighten the risk of a full-blown economic and financial crisis and undermine Ghana’s development progress," the 121-page report warned.

The warning by the IMF follows a warning by the head of the economics department at the University Of Ghana, Professor Peter Quartey, that Ghana is most likely to experience an economic recession if government fails to focus attention on the manufacture industry.

Also, the vice presidential candidate for the NPP, Mahamadu Bawumia, revealed in a public lecture that Ghana's debt levels have reached the state of a highly indebted and poor country (HIPC).

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