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Lagarde urges Ghana to commit to passing IMF reviews

The Managing Director of IMF, Christine Lagarde, has asked Ghana to commit to passing all the reviews by the Fund in order to help the country restore market confidence.

When Ghana singed up to the three-year program with the IMF in April last year, it was the expectation of government that the program will help fast-track economic stability, promote growth, reduce budget deficit and address the lack of confidence in the economy.

However a year down the line, the country is still struggling to strike confidence in investors.

The situation has been compounded by the upcoming elections in November, which has heightened economic uncertainty.

Answering a question posed by Joy Business at the IMF/World Bank Spring Meetings in Washington DC, IMF Managing Director, Christian Lagarde, says if Ghana will be able to implement the conditions under the program it will shore up market confidence.

“For any country under a current program, to actually deliver under the program, go through the review one after the other. It’s probably the best response to market concerns about the stability and macroeconomic policies decided by the country”, the IMF Managing Director said.

On the current slump in commodity crises, Madam Lagarde was of the view that it might be prudent for Ghana to look at diversifying its Economy.

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