Ghana will not return to HIPAC- Reg. Minister

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 Ashanti regional Minister, Hon. Simon Osei Mensah has stated that, it is not true that Ghana will return back to HIPAC.

According to him, though IMF and World Bank confirmed that, the depth of this country has increased and all efforts to settle them are underway.

He added that, the depth to GDP under the NDC without covid-19 was about 74%.

Ghana and member countries of the International Monetary Fund will benefit from a $650 billion fund approved by the governing board of the Fund to fight the impact of Covid-19 on their economies.

The 190-nation lending institution said its board of governors approved the expansion of its reserves known as Special Drawing Rights, the largest increase in the institution’s history.

The fund will help Ghana to deal with rising debts and fallout from the Covid-19 pandemic on its economies. 

“This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis. The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,” IMF Managing Director Kristalina Georgieva said.

The general allocation of SDRs will become effective on August 23, 2021.

 

Hon. Simon Osei stressed that, the country would have suffered a lot if we were under the leadership of the National Democratic Congress (NDC) at this covid-19 era.

He noted that, “Every economy has the pillars they stand on and that pillars will measured if they can’t pay their depth or vice versa”.

He revealed that, the before the NDC left office in 2016, the GDP was 3.4 as compared to them during this covid-19 era is 3.1 which suggest that, this government is managing the economy well.

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