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Ghana's economy will not grow beyond 3.5 percent, in spite of the
financial bailout from the International Monetary Fund, (IMF), the
Dean of Graduate Studies at the Methodist University College Ghana
Professor Kodwo Ewusi has said.
The government on Thursday received $940 million from the IMF to help
stabilize the cedi and reduce the fiscal deficit.
Some analysts have said the money will not be enough to fix the
struggling economy.
According to Kodwo Ewusi, the impact of the Fund's program on the
economy will not be immediate
Prof. Ewusi made these comments at the 48thJ.B Danquah Memorial Lectures.
He said Ghanaians would have to wait at least six months to experience
the impact of the IMF bailout.
"The immediate journey does not look bright. The infrastructural
shortcomings remain a blight on Ghana's business environment.
Areas of concern are energy and water My own prediction of 3.5
percent is based on the fact that, if the situation doesn't change,
factories cannot produce as much as they did last year. Last year, the
growth was 4.2 percent, then definitely, this year it will give 4
percent."
However, the Minister of Finance, Seth Terkper has said, though the
$940 million is not doing directly to the budget, the government is
hopeful that development partners will release donor fundswhich has
been withheld over fiscal indiscipline.
Credit: Citifmonline.com
