IMF mission estimates 4% growth deceleration for Ghana in 2014

GHANA – An International Monetary Fund (IMF) mission in Ghana has predicted an economic deceleration of  four and half per cent in 2014 from 7.1 per cent in 2013.

GHANA – An International Monetary Fund (IMF) mission in Ghana has predicted an economic deceleration of  four and half per cent in 2014 from 7.1 per cent in 2013.

Head of an IMF Staff-Level mission to Ghana Mr Joel Joujas-Bernate stated this in a report released at the end of the team’s exercise.

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Joujas-Bernate said the mission which met with President John Mahama and other economic stakeholders in Ghana, also discussed the possibility of economic reform programmes that could be supported by IMF.

“Growth is estimated to decelerate to four and half per cent in 2014 from 7.1 per cent in 2013 while inflation will hit an average of 15 per cent.

“The fiscal deficit is expected to remain elevated at about nine per cent of GDP, driven by weak revenue performance,’’ he said.

He said that the external current account deficit was projected to narrow to 10 per cent of GDP following declined imports due to slower growth and Ghanaian currency depreciation.

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“`Ghana’s currency weakened sharply all through August, the country continues to face significant domestic and external vulnerabilities on the back of a large fiscal deficit.

“The vulnerabilities are also due to a slowdown in economic growth and rising inflation, these factors are putting Ghana’s medium-term prospects at risk,’’ Joujas-Bernate said. (NAN)

October 7, 2014; http://businessdayonline.com/2014/09/imf-mission-estimates-4-growth-deceleration-for-ghana-in-2014/#.VDNr9xaE71U

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