{"id":55377,"date":"2014-10-11T07:07:59","date_gmt":"2014-10-11T07:07:59","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=55377"},"modified":"2014-10-11T12:50:44","modified_gmt":"2014-10-11T12:50:44","slug":"imf-exonerates-govt-over-debt-to-gdp-controversy","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/10\/imf-exonerates-govt-over-debt-to-gdp-controversy\/","title":{"rendered":"IMF exonerates gov&#8217;t over debt-to-GDP controversy"},"content":{"rendered":"<p>The International Monetary Fund (IMF) has clarified a statement by its\u00a0Deputy Director of Fiscal Affairs Department Sanjeev Gupta, which contradicted figures from the Bank of Ghana about the country&#8217;s real debt to GDP ratio.<\/p>\n<p>[contextly_sidebar id=&#8221;RMSqGYP3ZH8leJLZYfExRKE3ZdCyWxnS&#8221;]On October 8, at a press briefing on the Fiscal Monitor, IMF\u2019s Deputy Director of Fiscal Affairs Department,\u00a0Sanjeev Gupta\u00a0said Ghana\u2019s debt to GDP was actually 71% contrary to the 55% put out by the government.<\/p>\n<p>His statement created <a href=\"http:\/\/4cd.e16.myftpupload.com\/2014\/10\/11\/tell-ghanaians-the-truth-about-our-debts-economist\/\" target=\"_blank\"><span style=\"color: #666699;\"><strong>apprehension among Ghanaians<\/strong><\/span><\/a> and a member of Parliament&#8217;s Finance Committee, Kwaku Kwarteng said it confirmed his suspicion that <a href=\"http:\/\/4cd.e16.myftpupload.com\/2014\/10\/10\/govts-lies-to-imf-exposed-kwaku-kwarteng\/\" target=\"_blank\"><span style=\"color: #666699;\"><strong>government had been lying<\/strong><\/span><\/a> to the IMF about the true state of Ghana&#8217;s economy and the country&#8217;s macro economic figures.<\/p>\n<p>But in a release from the\u00a0Communications Department of the IMF,\u00a0copied to\u00a0<strong>citifmonline.com <\/strong>and\u00a0signed by\u00a0Ismaila Dieng, the IMF clarified that Sanjeev Gupta&#8217;s statement was rather their projected figure for 2015.<strong><br \/>\n<\/strong><\/p>\n<blockquote><p><strong>&#8220;The latest actual figure available to IMF staff for end-2013 is equivalent to 56 percent of GDP, consistent with the figures released by the Bank of Ghana.\u201d<\/strong><\/p><\/blockquote>\n<p>The statement further said: &#8220;The number (71%) corresponds to the level projected at end-2015 under our baseline scenario published in the World Economic Outlook, which assumes the continuation of current economic policies (very gradual fiscal adjustment in 2015, a more depreciated exchange rate, and lower growth related to remaining high vulnerabilities).&#8221;<\/p>\n<p>Industry players had warned government to\u00a0<span style=\"color: #666699;\"><a href=\"http:\/\/4cd.e16.myftpupload.com\/2014\/08\/23\/dont-present-cooked-data-for-imf-bailout-imani-boss\/\" target=\"_blank\"><span style=\"color: #666699;\"><strong>present the true state of the economy<\/strong>\u00a0<\/span><\/a><\/span>to the IMF after a former Deputy Governor of the central bank\u00a0<span style=\"color: #666699;\"><a href=\"http:\/\/4cd.e16.myftpupload.com\/2014\/08\/21\/bawumia-questions-bog-gss-inflation-and-exchange-rate-data\/\" target=\"_blank\"><span style=\"color: #666699;\"><strong>challenged the inflation and exchange rate figures<\/strong><\/span><\/a><\/span>\u00a0put out by the central bank and the Ghana Statistical Service (GSS).<\/p>\n<p>Dr. Bawumia alleged that the level of hardship, and the cost of living for Ghanaians did not correspond with the picture government painted about the economy.<\/p>\n<p>&#8211;<\/p>\n<p>By: Nana Boakye-Yiadom\/citifmonline.com\/Ghana<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) has clarified a statement by its\u00a0Deputy Director of Fiscal Affairs Department Sanjeev Gupta, which contradicted figures from the Bank of Ghana about the country&#8217;s real debt to GDP ratio. [contextly_sidebar id=&#8221;RMSqGYP3ZH8leJLZYfExRKE3ZdCyWxnS&#8221;]On October 8, at a press briefing on the Fiscal Monitor, IMF\u2019s Deputy Director of Fiscal Affairs Department,\u00a0Sanjeev Gupta\u00a0said Ghana\u2019s [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":1896,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,38,21,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF exonerates gov&#039;t over debt-to-GDP controversy - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2014\/10\/imf-exonerates-govt-over-debt-to-gdp-controversy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF exonerates gov&#039;t over debt-to-GDP controversy - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) has clarified a statement by its\u00a0Deputy Director of Fiscal Affairs Department Sanjeev Gupta, which contradicted figures from the Bank of Ghana about the country&#8217;s real debt to GDP ratio. [contextly_sidebar id=&#8221;RMSqGYP3ZH8leJLZYfExRKE3ZdCyWxnS&#8221;]On October 8, at a press briefing on the Fiscal Monitor, IMF\u2019s Deputy Director of Fiscal Affairs Department,\u00a0Sanjeev Gupta\u00a0said Ghana\u2019s [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2014\/10\/imf-exonerates-govt-over-debt-to-gdp-controversy\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. 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