Ghana’s economy will bounce back from present challenges – outgoing IMF Country Representative

The outgoing Resident Representative of the International Monetary Fund, Dr Albert Touna Mama, is optimistic Ghana’s economy will bounce back from its present challenges including rising inflation and the exchange rate depreciation.

According to him, the country’s economy will return to the path of growth and stable macroeconomic environment, and therefore Ghanaians and investors should have confident in the government.

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Speaking in an interview with Graphic at a farewell dinner, he said Ghana has a proud history of coming out of challenges in ways that had built strong buffers and adequate resilience for the future.

Ghana’s economic predicament has led to the country being downgraded by all the three top global rating agencies – Fitch, Moody’s and S&P. This has denied it access to funds on the international capital market.

Again, prices of some goods and services have gone up significantly, whilst the rapid depreciation of the cedi have impacted on the cost of living and doing business in the country.

But Dr. Touan Mama is confident the country will overcome these challenges.

“I am confident about the country’s resilience”

“This country has known a lot of shocks and we have navigated those together. There is no reason it cannot navigate the current ones,” he stressed.

Dr Touna Mama’s successor is due to be announced by the IMF later this month, in line with its operational structure.

Dr Touna Mama appointed Resident Representative to Ghana in 2018

Dr Albert Touna Mama was appointed Resident Representative to Ghana in October 2022.

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Dr Mama takes over from Dr Natalia Koliadina who brought her two-year service to an end last month.

Who is Dr Touna Mama?

ntil this appointment, Dr Touna Mama worked at the African Department of the International Monetary Fund in Washington DC.

Before joining the IMF, Dr Touna Mama also worked with the International Department Bank of Canada in Ottawa.

He was also a senior lecturer at the School of Economics at the University of Cape Town since 2009.

He holds a PhD from the University of Montreal. He also holds a Diploma and a Master in Economics from the University of Bordeaux-Montesquieu, France

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