Government committed to IMF deal

BY: Maclean Kwofi
 Mr Ken Ofori-Atta — Finance Minister
Mr Ken Ofori-Atta — Finance Minister

The government has decided to fully complete the International Monetary Fund (IMF) programme, the Finance Minister, Mr Ken Ofori-Atta, has said.

He explained that the government’s commitment to the programme followed a series of cross-sectional discussions held with key stakeholders.

“Our partnership with the IMF so far has been well and there have been several discussions and some commitments and we have promised to successfully complete the programme in the stipulated period,” Mr Ofori-Atta said at the launch of Goldenlink Savings and Loans in Accra. 

The minister said under the guidance of the Vice-President, Dr Mahamudu Bawumia, and the Senior Minister, Mr Yaw Osafo-Maafo, the government would ensure that Ghanaians benefited from the programme.

He added that the government would restore fiscal policy credibility and transparency, as well as policy clarity, in the formulation of the 2017 budget and economic policy.

“We have already had several discussions with the various heads of ministries, departments and agencies (MDAs) to review their policies and ensure consistency with the government’s medium-term policy strategy, but there were several challenges in their books. So one thing we can assure Ghanaians is that there will be a period of fiscal credibility, clarity and transparency in the protection of the public purse,” he said.

Mr Ofori-Atta said the government was committed to ensuring fiscal discipline and good economic governance, focusing on transparent and accountable use of public resources, in accordance with the Public Financial Management Law.

Supporting the private sector

For his part, Mr Osafo-Maafo indicated that good management of the economy and the building of strong institutions were the fundamental pillars on which the government intended to restore confidence in the economy. 

That, he opined, would attract investments into the productive sectors of the economy.  

“We shall pursue sound, investor-friendly policies that will boost growth, improve livelihoods and create jobs. This will enhance the overall competitiveness of Ghana and guarantee our future as a nation.

“As a government, we want to assure Ghanaians that we on the economic management team, led by Dr Bawumia, will facilitate the growing of private sector businesses through the creation of a conducive environment, free from intimidation and harassment,” he added.

Opening of Goldenlink Savings and Loans

Touching on the opening of the new financial institution, a subsidiary of the GLICO Group, Mr Osafo-Maafo said the company had come at an opportune time.

“The coming into being of this financial institution at this time in the nation’s history when a new government has been given the mandate of the people to rebuild the country’s economy is appropriate,” he said.

With the recent debacle of fraudulent “PONZI” micro-finance schemes in Ghana, the Senior Minister noted that it was instructive to have an established corporate group such as the GLICO Group of Companies extending into non-banking financial institutions.

“Ghana’s overall banking industry is still small, even by African standards, and we need more financial deepening to enable it to play its catalyst role in economic development,” he added.