Business General

IMF Negotiations Smoothly Ongoing– Ofori-Atta

Minister of Finance, Ken Ofori-Atta is optimistic government will hasten negotiations with the International Monetary Fund (IMF) to ensure key aspects of the programme are inculcated in the 2023 budget statement.

According to the Minister, the negotiations have been smooth so far.

“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.

“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 said at a press briefing on Wednesday September 28, 2022.

He however indicated that no agreement has been reached with the fund on the parameters of debt operations, as government is still in the process of completing the debt sustainability analysis.

Assuring Ghanaians, Mr. Ofori-Atta indicated that everything will be done, to protect the financial sector; and there must be room for a win-win conversation through extensive stakeholder engagement with both the domestic and external investors.

He mentioned that the Development Bank Ghana (DBG), is supporting the private sector to invest in areas that will stabilize the economy over the medium to long-term, with positive knock-on effects on job creation and economic growth.

“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.”

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