Ghana’s three-year, US$3 billion IMF program is not the end of the nation’s economic problems, according to Finance Minister Ken Ofori-Atta.
Instead, he claimed that it heralds the start of making difficult choices to restart the economy on Travk.
Mr. Ofori-Atta gave an update on the economy and said, “We have an ambitious agenda reform,” but he added the caveat: “Let me state clearly that securing an IMF programme is not an end to our current challenges though it has significantly paved the way for the implementation of an ambitious and well-thought-out programme of reform for our economy and country”.
According to the Finance Minister the real work has just begun “the real work of adjustment, realignment, and the path to steady economic growth has just begun”.
“Let us brace ourselves for the needed reform, especially in expenditure control, non-arrears accumulation, revenue growth, ECG revenue collection, and energy sector reforms in order to rebuild the walls of the republic with urgency”, Ken Ofori-Atta indicated.
He said that the Post Covid-19 for Economic Growth reform program “is built on clear targets and strong policy and structural measures” and is now supported by a three-year extended loan facility with the IMF.
“Over the medium term, the economic growth-backed IMF programme seeks to promote a credible fiscal consolidation programme anchored by strong domestic revenue mobilisation and high spending efficiency”, the Finance Minister stated.
Following the executive board of the Fund’s approval of the agreement on May 19, 2023, Ghana has already received the first installment of $600 million.