President Nana Addo Dankwa Akufo-Addo has described the current IMF process being undertaken by his government as the most transparent in the history of Ghana.
According to him, their government has been transparent with Ghanaians every step of the way, in contrast to the NDC’s process in 2015 when everything was kept under wraps.
“This has been the most transparent IMF programme ever. Did you hear anything about the IMF in 2015?” President Akufo-Addo said while speaking on Kumasi-based OTEC FM, Monday, October 17.
The government of Ghana announced in September that they have commenced negotiations with the International Monetary Fund with the view to secure a $3bn loan.
“The Ministry of Finance and the Bank of Ghana have commenced discussions with the IMF for an IMF-supported programme. A key prerequisite for a programme is confirmation that Ghana’s debt is on a sustainable path; this will require a comprehensive Debt Sustainability Analysis (DSA), which is currently ongoing.” the Ministry of Finance revealed in a statement dated September 26th.
“The Government of Ghana is putting together a comprehensive post Covid-19 economic programme which will form the basis for the IMF negotiations. The programme seeks to establish a macro-fiscal path that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social protection.
Government negotiations with respect to the IMF-supported programme is commencing this week and we are optimistic about making progress in our discussions. Government remains committed, and shall continue to actively engage all stakeholders, both public and private, in a clear and transparent manner as we seek to fast-track this process.” the statement added.
In recent weeks, Finance Minister Ken Ofori-Atta and a MOF team were in the United States for more negotiations.
Speaking on the sidelines of the annual meetings of the IMF and the World Bank in Washington DC, the Minister said that he is optimistic that the IMF will approve the programme for Ghana by end of the year.
“…To get us close to a staff level agreement as possible so that we can incorporate all of our decisions also into the budget so there will be no reversal and therefore, by the year ending, hopefully, the board will approve… We have to make it happen, the Fund is very motivated, we are 24/7, we will stay a few more days after this annual meeting and ensure we make solid progress going forward.
“I am excited about where we are, which therefore means that if we complete it by end of the year, disbursements from the fund which replace what we would have done going to the international market. Clearly, in my mind, there is no need for speculation as to where the currency should be,” Ofori-Atta stressed.
Source: theGhanaianVoice.Com