The Minister of Finance, Kenneth Ofori-Atta, has issued a warning about the country’s request for a bailout from the International Monetary Fund (IMF).
Despite the request being approved by the IMF’s Executive Board, Mr Ofori-Atta has stated that it will not provide a simple solution to the current economic crisis.
In his statement, Mr Ofori-Atta emphasized that the approval is merely the first step towards implementing strong reforms and achieving inclusive growth.
He called for a relentless pursuit of a growth agenda to help restore Ghana’s economy to a position of strength, prosperity, and resilience.
Ghana’s economy has been in turmoil due to the COVID-19 pandemic, with the country facing rising inflation, a depreciating currency, and a widening budget deficit. Despite these challenges, Mr Ofori-Atta remains optimistic about the future and has outlined a plan to address the country’s economic issues.
In addition to the IMF bailout, Mr Ofori-Atta has also announced measures to stimulate economic growth, including a focus on agriculture, industry, and tourism. He has also emphasized the importance of improved revenue collection and public financial management.
It remains to be seen how effective these measures will be in restoring Ghana’s economy to full health.
However, Mr Ofori-Atta’s warning about the limitations of the IMF bailout serves as a reminder that there is no easy fix to the challenges facing the country.
It will take time, effort, and a sustained commitment to reform in order to ensure a stable and prosperous future for all Ghanaians.
“Ghana’s IMF Board approval is far from a magic solution. “What it is, however, is that it is a crucial first step on the necessary journey of strong reforms, inclusive growth and relentless pursuit of a growth agenda geared towards restoring our economy to a place of strength, prosperity and resilience, ” the Finance Minister was speaking at a joint press conference held by the Fund in the wake of the Executive Board’s approval of the $3 billion support.
The approval was secured on Wednesday, May 17 with the first tranche of $600 million expected to be received within a week.
The second tranche of $360 is expected in by November or December, a government official hinted.
Mr Ofori-Atta expressed gratitude to Ghana’s bilateral partners for ensuring that the West African country got approval from the Executive Board.
Right after Wednesday’s approval, Managing Director Kristalina Georgieva congratulated President Nana Addo Dankwa Akufo-Addo.
“Congratulations to President Nana Addo Dankwa Akufo-Addo and his team on the $3 billion IMF-supported program approved by our Executive Board,” she tweeted.
“We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians,” she assured.
Source: dailyguidenetwork.com
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Masa, if after securing this bailout if things still remain there is nothing you will say again to convince Ghanaians . If the economy i.e. Interest rates, inflation , commodity prices especially foodstuffs and other household consumables can't still be stabilized then there is no need going for this IMF bailout. Fact is that you are running a one man show. We have very intelligent people in Ghana who are willing to offer their expertise for free but it's like you don't listen to advice for reasons best known to you. When former president won power in 2001 the economy of Ghana was not in any good shape compelling him to go for the HIPC initiative. Why do you think his minister of finance late Kwodwo Baah Wiredu was the darling ' boy' of Ghanaians despite the challenges? It was because of his willingness to engage with all kinds of professional bodies to take on board their inputs. Maybe because you are not an economist, you don't appreciate shades of opinion . You are left with barely one and half years to leave office. For you to say Ghanaians should not expect magic overnight is discouraging . we were told that Covid 19 and Russia vrs Ukraine 'games' are the cause of all these mess . Now " Sika Aba fie". No more excuses. If you say anything again the people will hear but they won't listen.