Economist Professor Patrick Asuming, has welcomed the International Monetary Fund’s Executive Board approval of Ghana’s fourth review under the Extended Credit Facility (ECF) programme.
The approval paves the way for the disbursement of $370 million to support Ghana’s economic recovery efforts.
Speaking to Citi Business News, Professor Patrick Asuming said the move reinforces growing confidence in Ghana’s macroeconomic outlook.
He stressed the importance of channeling the funds into critical sectors such as agriculture to drive growth and ensure long-term sustainability.“It is good news for the Ghanaian economy even if it was widely expected that the IMF Board will approve this. It’s going to add to the overall growing confidence in the economy which we have seen in the last few months. In terms of where to channel it, I think this is going to be largely budgetary support probably. I think the forex obviously will help strengthen the Ghanaian cedi further.
“But I think if I were to suggest I will say we should use it to support the agric sector in the mean and perhaps some of the road projects that have stalled because the stalling of those road projects tend to increase the cost and then we have seen that agric is mainly the fulcrum…it is a very important aspect. Now the government has launched the 24 hour economy. I think agric should be at the heart of it,” Professor Patrick Asuming said.
Finance Minister Dr. Cassiel Ato Forson in a post on Facebook reacting to the IMF Executive Board approval said “this landmark approval validates Ghana’s unwavering commitment to fiscal discipline and strategic economic transformation”.
He added this was the results of comprehensive macroeconomic policies and carefully crafted structural reforms which are delivering real results that the international community recognizes and supports.