The Minister of Finance, Ken Ofori-Atta, stated that the government is making significant effort to strike a deal with the International Monetary Fund (IMF).
He claimed that Ghana is attempting to negotiate a settlement that would adhere to the program’s fundamental components as they are laid out in the proposed budget for the fiscal year 2023.
“In line with the President’s dialogue with the IMF Managing Director, Kristalina Georgieva, negotiations will be fast-tracked to ensure that key aspects of the programme are reflected in the 2023 Annual Budget Statement in November 2022,” he added.
He said the government is committed to ensuring that a comprehensive package is negotiated with the International Monetary Fund with the aim of restoring and sustaining macroeconomic stability, ensuring durable and inclusive growth, and promoting social protection.”
“In addition, the IMF and Government Team are working to update the medium-term macro-fiscal framework to inform IMF programme design.”
The Finance Minister stated that no agreement has been reached with the fund over the guidelines of debt operations because the government is now working on a study of debt sustainability.
Mr. Ofori-Atta emphasized that all possible measures would be taken to safeguard the financial sector, and that there should be an opportunity for a win-win dialogue via comprehensive stakeholder engagement with both local and foreign investors.
“I am extremely confident about where we will land on this journey. We have survived a 142 percent inflation, yellow-corn hysteria, mass exodus from our country, and more recently a successful exit from the 2015 Extended Credit Facility. So let us go for the spirit of courage for the LORD is with this Nation. Let us not fear, for He who is with us is greater than all.”
He said that the Development Bank of Ghana (DBG) is encouraging private sector investment in sectors that would have a moderating influence on the economy over the medium to long term, which will have a multiplier effect on employment growth and economic expansion.