Has the International Monetary Fund's (IMF) Support on the Development of Ghana between 1980 and 2020 Really Made the Desired Impact?

Donor Agencies are organizations providing financial assistance to different countries to meet their economic and social goals despite resource constraints. A key example of donor organizations that has benefited many countries across Africa specifically, Ghana is the International Monetary fund (IMF). IMF is an organization that focuses on providing financial assistance to its member countries to achieve specific goals that will improve the growth of the country's economy. IMF targets the country to implement strategies or programs that will achieve sustainable growth and prosperity of the country's economy. Since 1957, Ghana has been a member of IMF receiving financial assistance and advice in formulating financial policies that lead to economic growth (IMF, 2019b). Despite the witnessed economic challenges in Ghana, IMF has been an important donor and lender to Ghana over the decades. In Ghana, key economic challenges include poverty, low-income levels, and unemployment. IMF in its relations with Ghana, therefore, focuses on funding programs targeted at increasing productivity, job creation, and overall economic wellbeing of the country. IMF (2022) website provides essential data regarding the projected economic growth that Ghana will achieve from financing and implementing economic policies as advised by IMF. From IMF website, the projected real gross domestic product rate for Ghana is estimated to be 5.2%. As of 30th June 2022, the outstanding purchases and loans from IMF for Ghana stood at $1331.09 million. The country's consumer price index was also projected to change at 16.3%. Ghana has had over 15 purchases and loan arrangements with IMF since becoming a member in 1957. In IMF, Ghana has special drawing rights of $654.51 million with a quota of $738.0 million (IMF.org, 2022). The data herein shows that there is a positive relationship between IMF and Ghana over the years which is expected to continue in the future. Ghana’s economic challenges have been addressed by inputs from IMF in various forms as explained below