The International Monetary Fund (IMF) says Ghana is not likely to go into an economic recession in the third or fourth quarter of this year due to the COVID-19 pandemic.

The World Bank and some development partners of Ghana, earlier warned of a possible economic recession on the back of the pandemic.

But The Fund, thinks otherwise.


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Dr Albert Touna Mama, IMF Country Director to Ghana in an interview, monitored by primenewsghana, said Ghana is projected to grow at 1.5 per cent this year.

Projections for Ghana at this stage, is for Ghana to grow at a rate of 1.5% in 2020 because of some positive factors like the rebounding price of gold and the stable price of cocoa, So at this moment  our projection is that Ghana will not go into recession, he said.

According to Bank of Ghana, Ghana’s economic growth is to decrease from a projected 6.8 per cent for the year to 5 per cent due to the impact of the coronavirus pandemic on economic activities.

It further warned that, the decline in economic growth could further drop to 2 per cent or less in a worse case scenario should the pandemic continue to persist into the latter part of the year.