By: Kekeli K. Blamey
Ghana’s business community is witnessing a significant boost in confidence due to the disbursement of International Monetary Fund (IMF) funds.
The Ghana National Chamber of Commerce and Industry reports that interactions with businesses reveal a gradual increase in confidence, driven by successful debt renegotiation with external creditors.
This development is attributed to the greater fiscal space created by the IMF’s funds and debt renegotiation.
Dr Clement Osei-Amoako, the immediate past-president of the Ghana National Chamber of Commerce and Industry (GNCCI), mentioned that the growing confidence can be attributed to the greater fiscal space resulting from the International Monetary Fund’s (IMF) disbursement of funds, as well as debt renegotiation with external creditors.
He emphasized this during his opening address at the Chamber’s 48th annual general meeting (AGM) held in Accra recently.
The Chamber’s 48th annual general meeting saw the swearing-in of new executives, including Stephane Miezan as President and Dr. Emelia Assiakwa as 1st Vice President.
The Association of Ghana Industries is also optimistic about changes to the country’s Value Added Tax system in the next administration.
They have been engaging with political parties to outline policies boosting industry growth.
Dr. Osei-Amoako urged the government to implement policies that support investment and private sector growth in manufacturing, agriculture, and food production to fuel structural transformation.
He also highlighted the importance of adopting sustainable business practices to promote long-term economic growth and development.
The IMF’s approval of a $3 billion Extended Credit Facility arrangement for Ghana has enabled an immediate disbursement of $360 million. Ghana’s performance under the program has been generally strong, with the government’s ongoing support programme aiming to stabilize the economy and foster sustainable growth showing better-than-expected results.
Ghana is scheduled to receive its third tranche of $360 million from the IMF on December 2, 2024, following the IMF Board’s review of Ghana’s Third Programme Review.
This funding will support the government’s budget and balance of payment needs.
