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Kwesi Botchwey Confident IMF Program Will Stabilize Economy Despite Seeming Delay

Aug. 11, 2015, 12:34 p.m.

Economics Professor Kwesi Botchwey is assuring Ghanaians that the country will soon start realizing the full benefits of the IMF program government has signed on to.

The country is yet to realize the expected advantages of the program almost four months after the deal. 

Professor Kwesi Botchwey who led the IMF negotiations told Joy Business it will take some time for the actual impact of the program to be felt on the economy.

According to him the fiscals are already taking shape, which will trickle down to other sectors of the economy soon.

These assurances are coming despite criticism from some economists that the much talked-about inflow of investor funds and a stabilized Ghana cedi appears to be eluding the country.

Prof Botchwey also denied that the country received just under a billion dollars from IMF because it was not prepared for tougher conditions associated with the program stabilize the economy. 

Ghana received about 918 million dollars spread over three years, but some analysts say the country could have secured about 1.5 billion dollars under tougher conditions.

But the Professor told Joy News those reports are false.

In a related development the board of the IMF is set to meet next month to review Ghana’s performance after staff carried out its first review.

If the IMF board approves the staff report, it will pave the way for the release of some 114 million dollars to support the country’s balance of payment.


Disclaimer : The views expressed in this news report do not necessarily reflect those of the National Development Planning Commission