ACCRA, June 18 (Reuters) - The International Monetary Fund said on Tuesday it saw strong growth potential in Ghana if macroeconomic vulnerabilities are addressed and urged the country to take decisive action to rebuild fiscal and external buffers and reduce public debt.
“Directors underscored the need for decisive action to rebuild fiscal and external buffers and reduce public debt, and in particular, stressed the importance of regaining control over the public wage bill,” the IMF said in a public information notice.
The Fund also recommended Ghana introduce higher mininum capital buffers to contain vulnerabilities in its banking system.
Ghana, considered one of Africa’s economic stars, saw GDP growth of 8 percent in 2012 but its fiscal deficit grew unexpectedly to 12.1 percent, nearly double the government’s target.
The West African state is the world’s number two cocoa producer and Africa’s second biggest gold miner. It also began producing oil in 2010. (Writing by Matthew Mpoke Bigg; Editing by Daniel Flynn)