The International Monetary Fund (IMF) has lauded steps taken by government to recover the country from it’s economic doldrums, describing these steps as promising.
The fund’s concluding statement which constitutes the preliminary findings of IMF staff that visited Ghana in April, said the recently assembled economic team by the Akufo-Addo-led government has brought in new confidence.
“The 2017 budget limits earmarking and seeks to control exemptions and tax evasion; and the Ministry of Finance (MoF) is pursuing improvements in public financial management (PFM) to secure spending discipline. Investors’ response has been positive, with the exchange rate recovering in recent weeks after a rapid depreciation through end-February.
“The latest auction of government bonds saw a record level of issuance amid high foreign investor,” the team observed.
An IMF mission visited Accra from April 3-13, 2017 to conduct the Article IV consultation and discussions on the fourth review under the Extended Credit Facility.
Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
Below is the report of the IMF mission
Key messages:
Context and Outlook
Implementing a Credible Fiscal Strategy
Strengthening Monetary and Exchange Rate Policies
Preserving Confidence in Ghana’s Financial Sector
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The mission met with Vice President Mahamudu Bawumia, Senior Minister Yaw Osafo-Maafo, Minister of Finance Ken Ofori-Atta, Governor Ernest Addison, members of Parliament, other public officials, representatives of the private sector and development partners. The mission is grateful to the authorities for their warm hospitality, excellent cooperation and open and constructive discussions. It looks forward to continuing program discussions in Washington DC.
IMF Communications Department
Source: 3news.com | Ghana
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