Coronavirus: Ghana will not go into economic recession – IMF

The International Monetary Fund, IMF has projected that Ghana will not go into an economic recession later this year due to Covid-19 pandemic.

Some developmental partners of Ghana including the World Bank have warned that the country could go into an economic recession due to the Covid-19 outbreak.

IMF Country Director for Ghana, Dr Albert Touna Mama in a radio interview monitored by primenewsghana said their projection is for Ghana to grow at 1.5% this year.

“…our projections at this stage for Ghana, is for Ghana to grow at a rate of 1.5% in 2020. Let me point out to the fact that the outlook literally for the countries in the world is quite uncertain just equals the nature of the coronavirus pandemic and the uncertainty related to the measures and the duration of the crisis.

Dr Albert Touna Mama explained that the measures put in place to help the pandemic will continue to have a damaging effect as long as their still in place.

“These measures are put in place exactly to the problem at hand so the longer these measures are in place the more damaging it will be to economic activities.”

He stated that in the case of Ghana, their projections show that the country will not go into an economic recession.

“But for the case of Ghana let’s say positive factors this year…the rebounding price of gold that seems crucial, the shock on oil price and the price of cocoa. At this moment our projection is that Ghana will not go into recession.”

Source: primenewsghana.com