Ghana government says it is encouraged with progress in IMF negotiations

The Ghana government says it is encouraged with the progress so far made in its negotiations with the International Monetary Fund (IMF) for a loan support for its homegrown economic programme.

The loan facility is to help Ghana navigate through the current economic hardship and improve its fiscal balances sustainably.

Mr Ken Ofori-Atta, the Finance Minister, said the Government remained committed to working tirelessly to create a stable and resilient macroeconomic environment.

The government would also ensure that Ghana’s debt was sustainable, and maintain social cohesion.

In a press statement issued after a two-week long engagement with the IMF team, which ended on Friday, Mr Ofori-Atta said: “The Government of Ghana remains steadfast in its resolve to fast-track negotiations with the IMF, towards achieving a historic agreement that will help strengthen post-covid economic growth”.

He thanked the IMF team for its effort in ensuring that the economy of Ghana was restored post COVID-19 pandemic.

During the visit, the delegation from the IMF called on the President, Nana Addo Dankwa Akufo-Addo and held high level meetings with the Vice President, Dr Mahamadu Bawumia, Ken Ofori-Atta and the Governor of the Bank of Ghana (BoG), Dr Ernest Addison.

Similarly, the delegation met with Parliament’s Finance Committee, Trade Union Congress, private sector, civil society and development partners.

Key areas of focus according to statement by the IMF included public finance sustainability, protection of the vulnerable, bolstering the credibility of the monetary and exchange rate policies to reduce inflation and rebuild external buffers.

Others included preservation of a financial sector stability and encouragement towards private investment and growth.

Discussions with the IMF, would continue during the Annual Meeting of the World Bank and the IMF, starting October 10, 2022.

Source: GNA

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