IMF gives thumbs up for Ghanaian economy

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The International Monetary Fund (IMF) has given a positive endorsement for the future of Ghana’s economy, which has struggled in recent times.

A statement, released by the IMF, has stated that they expect the Ghanaian economy to grow by more than 13% in 2011.

The country’s economy has been struggling in general since the global financial crisis which had a significant impact on numerous African countries in 2009.

This latest period of growth is expected to be mainly due to the commercial production of oil as well as consistent performance in the Ghanaian economy in general.

Results for the first two quarters of 2011have also shown improved performance in tax revenues when compared to the same period last year.

The IMF statement has also stressed the building blocks which must now be put in place to avoid any possibility of a return to the financial uncertainty which exited within the country just a few years ago.

“Going forward, close co-ordination between fiscal and monetary policy will remain important to avoid a re-emergence of high inflation and associated erosion of real incomes, which particularly harms the poor,” the statement suggested.

“Prospects of a major scaling up of infrastructure investment will place an even higher premium on expenditure restraint in other areas. A large financing package has been secured on non-concessional terms, and it is important to assess carefully the costs and benefits of the financial arrangement and underlying projects.”

Even with these warnings ringing in their ears, the Ghanaian government and public have every reason to be optimistic about the immediate future of their economy.

Transferring money to Ghana

Are you looking to invest in Ghana? If so, it is definitely prudent to think carefully about how you will be transferring money to Ghana. Foreign currency exchange rates quoted by banks can often be worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Ghana – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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IMF gives thumbs up for Ghanaian economy

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