The United States of America (USA) has projected that Ghana will be better positioned economically next year, especially when the International Monetary Fund (IMF) program takes off.<\/p>\n
\nGhana\u2019s economic challenges have been enormous this year.<\/p>\n
\nThe cedi has depreciated by more than 30 percent this year alone against the dollar, coupled with a high budget deficit, leading to government revising its budget deficit target this year.<\/p>\n
\nThere has also been erratic supply of power to industries and households, hikes in inflation, utility tariffs and prices of petroleum products among others.<\/p>\n
\nThese challenges among others pushed the country to the IMF this year.<\/p>\n
\nNegotiations with IMF are far advanced and Ghana is expected to kick start a bailout programme with the fund next year.<\/p>\n
\nHead of the Ghana delegation negotiating with the IMF, Professor Kwesi Botchwey earlier confirmed to Citi Business News that the 3 year program with the IMF would commence latest by February 2015 downplaying projections by rating agency Fitch that the IMF backed program will commence in April next year.<\/p>\n
\nUS Ambassador to Ghana, Gene Cretz, speaking to Citi Business News after a press roundtable briefing on the highlights of the US-Ghana relationship in 2014, said the US supports Ghana\u2019s move.<\/p>\n
\n\u2018Giving the current situation we support Ghana\u2019s move to go to the IMF.<\/p>\n
\nAs Ghana makes a transition to being an established middle income country international donors such as the IMF will be important partners in helping to build Ghana\u2019s credibility with international investors and donors.<\/p>\n
\nWhen an agreement is reached between the two partners we believe it will be an important step towards ensuring that Ghana\u2019s positive medium and long term growth trajectory.\u2019 He said.<\/p>\n
\nHe adds that \u2018But going on the country\u2019s oil and gas prospects look good Atuabo is in its testing stage, I think the prices in cocoa are going to be better, gold is difficult to predict though\u2026\u2026.\u2019<\/p>\n
\nThe American government which does not provide budget assistant to Ghana like the EU does pumped over 600 million dollars into Ghana\u2019s economy this year alone.<\/p>\n
<\/p>\n
\nBy: Vivian Kai Mensah\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
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