The public has been promised that the current economic crisis will soon be a thing of the past by Mark Badu-Aboagye, the Chief Executive of the Ghana National Chamber of Commerce and Industry (GNCCI).
Ghana’s economy will undoubtedly change as a result of the government’s conclusion of the International Monetary Fund (IMF) pact, according to Mr. Badu-Aboagye.
“The outlook is bright,” he said, sounding upbeat about the future.
He said on Thursday to presenter George Wiafe, “Things will get better, but for this year, things will be a bit hard, so if you’re taking a decision for the year, you should know that these adjustments are going to influence you.
On the IMF accord’s conditionalities, Mr Badu-Aboagye said the government had already rolled most of them before the deal was finalised, so things will only get better from here.
“I am certain that we will successfully navigate this challenging period. Of course, for this year, even just looking at the economic activity, we anticipate that people will only make a little profit.
“But, it will pick up the following year and in years to come. We are feeling the pinch since most of the conditionalities were front-loaded, and if we get acclimated to it, wonderful things will come, he added.
On Friday, May 19, the Bank of Ghana received $604 million, the first instalment of Ghana’s $3 billion bailout from the International Monetary Fund.
Prior to the bailout, Dr Ernest Addison, Governor of the Central Bank, indicated that the funds would increase the nation’s reserves and the Cedi, which has been performing exceptionally well recently.
The IMF agreement, which was supposed to restore economic confidence, significantly affects businesses and the average Ghanaian.
