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The Minister of Finance, Ken Ofori-Atta, has emphasized that getting the extended credit facility from the International Monetary Fund (IMF) will not resolve the economic challenges Ghana is currently facing.
During an update on Ghana’s economy, Mr. Ofori-Atta clarified that the IMF-backed program is merely a precursor to implementing a comprehensive reform program necessary for addressing the country’s economic issues.
He also provided insight into the government’s strategy for achieving the required economic reforms, including maximizing revenue, reforming the energy sector, and other measures.
He stressed that the actual work of change, realignment, and pursuing steady economic growth has only just begun. He urged everyone to prepare for the reforms, particularly in controlling expenditures, preventing arrears accumulation, increasing revenue growth, improving ECG revenue collection, and implementing energy sector reforms, all of which are crucial for rebuilding the nation urgently.
The Finance Minister highlighted that the reform program, known as the Post Covid-19 for Economic Growth, is now supported by a three-year extended credit facility with the IMF. This program is based on clear targets and robust policy and structural measures. Its medium-term goal is to foster credible fiscal consolidation through solid domestic revenue mobilization and efficient spending.
On May 17, the IMF’s Executive Board approved Ghana’s request for a $3 billion bailout package to revitalize the country’s struggling economy. Ghana received the initial tranche of $600 million from the IMF on May 19.
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Source: Omanghana.com
