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Govt commits to IMF support in reviving economy

BY: Maxwell Akalaare Adombila
Ken Ofori-Atta — Minister of Finance

THE government says it is committed to working closely with the International Monetary Fund (IMF) to revive the economy and reset the fiscal situation.

It also assured that the government would work with the IMF in the coming weeks to complete its enhanced economic programme (EEP), in support of a robust economic recovery.

The EPP is the government’s home-grown programme, which it hopes to use in getting financial and technical support from the fund.

Statement

In a statement issued on July 15, the Ministry of Finance said it was also committed to the various fiscal policy measures, geared towards mitigating the impact of current global economic headwinds on the economy and the citizens.

In the statement issued by the Public Affairs Department of the ministry, the government further assured Ghanaians of the government’s steadfast commitment to a speedy economic recovery, towards achieving a Ghana Beyond Aid.

Fact-finding mission

The statement followed the departure of a fact-finding team from the IMF on July 13.

The team, led by the IMF Mission Chief to Ghana, Carlo Sdralevich, was in the country between July 6 and July 13 upon the request of President Nana Addo Dankwa Akufo-Addo for the Bretton Woods institution to support the country to fix its books and reboot growth.

Mr Sdralevich said before departing that the discussions focused on helping the government to improve its fiscal balances in a sustainable way while protecting the vulnerable and poor.

In the one-page statement, the Mission Chief said the discussions also explored how to ensure credibility of the monetary policy and exchange rate regimes, preserve financial sector stability and design reforms to enhance growth, create jobs and strengthen governance.

It said the team held initial discussions on a comprehensive reform package to restore macroeconomic stability and anchor debt sustainability.

Commitment

The Ministry of Finance said in its statement that the “government of Ghana will continue to work closely with the IMF in the coming weeks to complete our enhanced economic programme, in support of a robust economic recovery. In the meantime, the government reiterates its commitment to the various fiscal policy measures, geared towards mitigating the impact of current global economic headwinds on the economy and Ghanaians”.

“The Ministry of Finance further assured Ghanaians of the government’s steadfast commitment to a speedy economic recovery towards achieving a Ghana Beyond Aid,” the ministry’s statement said.

Commendation

The statement said: “During the visit, the IMF delegation held high level meetings with stakeholders and discussed possible support for Ghana’s domestic economic recovery programme”.

“The Ministry of Finance wishes to thank the Mission Team for their visit, as well as a constructive engagement,” it added.