IMF questions Ghana over growth rate figures

• Posted on October 22, 2014October 22, 2014
• by Nana Kwesi Coomson
• Comment

The International Monetary Fund (IMF) is asking the Ghana Statistical Service (GSS) explain how it arrived at the 6.9 percent figure as the country’s estimated growth for this year.

A top official of the GSS confirmed this to Citi Business News.

According to the IMF, the figures the Service published just last week were different from the ones they sent to the Fund.

In an email sent to the Statistical Service, the IMF questioned the methodology they used in arriving at the 6.9% annual growth estimates for 2014 and how the net indirect taxes were computed.

The Ghana Statistical Service is expected to respond soon.

The said letter was also copied to the Controller and Accountant General Department.

The International Monetary fund has projected the economy will grow at 4.5% this year contrary to government’s estimates of 7.1%.

The last time the IMF questioned figures from the Bank of Ghana over the country’s debt to GDP ratio, they backtracked, claiming their official was looking at projected figures.

Sanjeev Gupta, Deputy Director, Fiscal Affairs Department  for the IMF said at the Fiscal Monitor Report briefing in Washington, that “the debt-to-GDP ratio in Ghana is 71%, not 60%; so it is much higher than you mentioned.”

This is contrary to the figures the Monetary Policy Committee of the Bank of Ghana released after examining the health of the economy at the end of June 2014.

Officials from the IMF are expected back in Ghana in November to begin the third round of talks for a bailout programme.

On October 9, the team leading Ghana’s negotiations with the IMF traveled to Washington in the United States to begin the second round of negotiations over an economic bailout programme.

By: Anim Kwaku Boadu