The International Monetary Fund (IMF) negotiations will be accelerated, according to Finance Minister Ken Ofori-Atta, so that major program elements are represented in the 2023 budget statement.
At a press conference on Wednesday, the finance minister stated that so far, negotiations had gone well.
He continued, “Negotiations will move quickly to ensure that major elements of the program are represented in the 2023 Annual Budget Statement in November 2022, in line with the President’s engagement with IMF Managing Director, Kristalina Georgieva.
According to him, the administration is dedicated to making sure that negotiations with the International Monetary Fund result in a comprehensive package that will work to promote social protection, ensure inclusive growth, and restore and sustain macroeconomic stability.
“In addition, the IMF and Government Team are working to update the medium-term macro-fiscal framework to inform IMF programme design.”
“I am extremely confident about where we will land on this journey. We have survived a 142 percent inflation, yellow-corn hysteria, mass exodus from our country, and more recently a successful exit from the 2015 Extended Credit Facility. So let us go for the spirit of courage for the LORD is with this Nation. Let us not fear, for He who is with us is greater than all.”
The government is still working to complete the debt sustainability review, according to the finance minister, thus no agreement has been made with the fund about the specifics of debt operations.
The financial industry will be protected in full, Mr. Ofori-Atta emphasized, and there must be room for a win-win discussion through comprehensive stakeholder engagement with both domestic and foreign investors.
Additionally, he mentioned that the private sector is being supported by the Development Bank of Ghana (DBG) to make investments in sectors that will stabilize the economy over the medium to long term, with favorable spillover effects on job creation and economic growth.