Ghanaians Demand Explanation from Government for Different Microeconomics Data
Updated: May 9
Ghanaians are calling on the government of Ghana to explain why different macroeconomic data has been provided to the International Monetary Fund instead of figures provided by Ghana's finance minister during his 2019 Budget statement to the parliament of Ghana.
It can be recalled that , on April 13, 2020, the Executive Board of the International Monetary Fund (IMF) issued a statement approving the disbursement of US$1 billion credit facility to the government of Ghana to be used to address the impact the COVID-19 pandemic is having on the economy.
The disbursement of the credit facility follows a request for financial support the government made through the Ministry of Finance to the IMF.
Accompanying the statement issued by the IMF was a report containing data on the macro-economic situation of Ghana, which the Fund indicates are sourced from ‘Authorities of Ghana’ and ‘Staff of the Fund’.
The data contained in the IMF statement has provoked discussions in among Ghanaians in the media and public sphere as some have said the data presented to the IMF by the government are different from what it has been sharing with Ghanaians through budget statements.
Following the public debate, factcheck-ghana.com has crosschecked the data submitted to the IMF by the authorities and what has been previously shared with Ghanaians and published by the Ministry of Finance. Based on the figures, we conclude that indeed, the data presented by the government to the IMF are different from those in budget statements.
The fact-checking team found disparities between the data published in the statement of the IMF and data from the Budget Statements of 2019 and 2020 that the Minister of Finance, Ken Ofori Atta, presented to Parliament. The disparities are mainly with the following 2018 and 2019 indicators:
*Fiscal Deficit (in per cent of GDP)
*Current Account Balance
*Gross International Reserves