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International Monetary Fund Ghana to miss GDP, inflation and debt targets- IMF

This projection of a 4.5% growth rate  is lower than the Ghanaian government’s own projection of 5.4% for 2016.

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International Monetary Fund play

International Monetary Fund

 

The International Monetary Fund, in its Regional Outlook Report is predicting  that the Ghanaian economy will see a 0.5% growth above the 4% growth rate for 2015.

This projection of a 4.5% growth rate  is lower than the Ghanaian government’s own projection of 5.4% for 2016.

According to the IMF, the slump in Ghana’s economic growth rate is due to poor performance of international commodities, especially crude oil.

READ MORE: IMF Research Fighting corrupting critical for economic growth- IMF staff paper

The report maintains that " Oil exporters, which include Angola and Nigeria, continue to face difficult economic conditions (with growth for oil exporters as a whole forecast to slow further to 2¼ percent this year from6 percent in 2014), but so do non-energy-commodity exporters, such as Ghana, South Africa, and Zambia".

Inflation

The IMF Report also predicts 12.4% for the end-of-year inflation rate for the end of 2016, 2.3% more than government’s projection of 10.1%

The Fund was also projecting that the debt to Gross Domestic Product (GDP) ratio which stood at 71 percent at the end of December 2016, representing a ¢100 billion, which will increase to 74 percent of GDP by the end of 2016.  

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