[ 2014-10-21 ]

The IMF mission was led by Mr. Joël Toujas-Bernaté

IMF questions Ghana over growth rate figures
The International Monetary Fund (IMF) is asking
the Ghana Statistical Service (GSS) explain how it
arrived at the 6.9 percent figure as the
country’s estimated growth for this year.

A top official of the GSS confirmed this to Citi
Business News.

According to the IMF, the figures the Service
published just last week were different from the
ones they sent to the Fund.

In an email sent to the Statistical Service, the
IMF questioned the methodology they used in
arriving at the 6.9% annual growth estimates for
2014 and how the net indirect taxes were
computed.

The Ghana Statistical Service is expected to
respond soon.

The said letter was also copied to the Controller
and Accountant General Department.

The International Monetary fund has projected the
economy will grow at 4.5% this year contrary to
government’s estimates of 7.1%.

The last time the IMF questioned figures from the
Bank of Ghana over the country’s debt to GDP
ratio, they backtracked, claiming their official
was looking at projected figures.

Sanjeev Gupta, Deputy Director, Fiscal Affairs
Department for the IMF said at the Fiscal Monitor
Report briefing in Washington, that “the
debt-to-GDP ratio in Ghana is 71%, not 60%; so it
is much higher than you mentioned.”

This is contrary to the figures the Monetary
Policy Committee of the Bank of Ghana released
after examining the health of the economy at the
end of June 2014.

Officials from the IMF are expected back in Ghana
in November to begin the third round of talks for
a bailout programme.

On October 9, the team leading Ghana’s
negotiations with the IMF traveled to Washington
in the United States to begin the second round of
negotiations over an economic bailout programme.

Source - Citifmonline

... go Back