At the conclusion of the mission, the IMF team led by its Division Chief, Carlo Sdralevich, concluded that Ghana is facing 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.
It 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 and with limited room for manoeuvering.
According to the Fund, these adverse developments have contributed to slowing economic growth, accumulation of unpaid bills, a large exchange rate depreciation, and a surge in inflation.
The IMF team met with Vice President Bawumia, Finance Minister Ken Ofori-Atta, and Governor of the Bank of Ghana, Ernest Addison.
The team also met with Parliament’s Finance Committee, civil society organizations, and development partners, including UNICEF and the World Bank, to engage in social spending.
The Fund reaffirmed to continue to monitor the economic and social situation closely and engage in the coming weeks the authorities on the formulation of their Enhanced Domestic Program that could be supported by an IMF arrangement and with broad stakeholders’ consultation.
