IMF Deal Will Help Ghana Overcome Economic Challenges

Vice President Dr. Mahamudu Bawumia has stated that the programme with the International Monetary Fund will help the country to recover from its current economic crisis.

According to him, the deal aims to among other things restore macroeconomic stability and debt sustainability in order to build resilience in the economy.

Speaking at the Ghana Investment and Opportunities Summit 2023 held in the UK on June 6,2023, Bawumia said: “The IMF programme will help Ghana overcome immediate policy and financing challenges including mobilizing external financing from development partners and providing a framework for the successful completion of the debt restructuring.”

In improving the country’s export, he stated the government through the National Export Promotion Strategy has outlined 17 sectors that are not exhaustive but includes cocoa, cashew, horticulture products, fish and fishery products, textiles and garments, natural products, natural rubber sheets, and aluminum products as priority areas for national development.

Bawumia noted that the government envisaged that by 2029 Ghana’s non-traditional exports will grow from $2.5 billion to $25.3 billion.

“This will be accompanied by deep structural transformation that will position Ghana as a competitive export-led country,” he added.