Why an IMF Programme: 1. The prices of gold and cocoa dropped. - TopicsExpress

Why an IMF Programme: 1. The prices of gold and cocoa dropped. Cocoa is recovering albeit very slowly. 2. Grants from the Governments Development Partners are no longer being released. 3. Long standing energy crisis which is being resolved. 4. High salaries and wages which at a point shot up from GHC3billion to GHC9billion. Presently the Public sector wage bill in Ghana (Wages as a percentage of revenue = 56%) is comparatively way above the average in West Africa (wages/revenue = 35%). 5. Over reliance on imports. In 2013 US$1.5billion was spent on imports such as rice, poultry, vegetable cooking oil and sugar.

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