We're working to speed up IMF deal - Ken Ofori-Atta

The Minister of Finance, Ken Ofori-Atta has disclosed that the government is working assiduously to come to an agreement with the International Monetary Fund (IMF).

Ken Ofori-Atta

He said Ghana is looking at getting an agreement that will be in line with key aspects of the programme that are reflected in the 2023 budget statement.

“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 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 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.

Mr. Ofori-Atta stressed 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.

“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 also indicated 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.

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