‘It’s clear we’ve gone to the IMF enough’; let’s use 17th opportunity ‘to reset, move forward’ – ken Ofori-Atta

‘It’s clear we’ve gone to the IMF enough’; let’s use 17th opportunity ‘to reset, move forward’ — Ofori-Atta

Finance Minister Ken Ofori-Atta has said Ghana intends taking advantage of her 17th programme with the IMF, to reset the country’s economy and take off from there.
Answering questions from journalists during the Q&A session of a joint press conference in Washington following the IMF Board’s approval of Ghana’s programme, Mr Ofori-Atta said: “I think it’s one of the major areas of anxiety for Ghanaians, as to what does the 17th time mean and where we’re going to go from there”.

The questioner had posed: “… Ghana has relied on the IMF for support 17 times, and the critics say the Fund, the support from the Fund, has never been a solution to their country’s challenges. I would like to know what you make out of this?”

Mr Ofori-Atta responded: “If you realise, the programme is anchored by post-COVID programme where economic growth, which we developed ourselves; and if you look at the strategies that are in there, the issue of moving revenue from 13 per cent of GDP to 18 per cent is an important facet of this, so that we have the resources to do what we have to do”.

He said: “A strong sense of expenditure and economic bank controls will also be emphasised going forward”, adding: “And the growth agenda is really strong”.

‘How do we create an enabling environment for investment to propel the private sector?”

“So, I think, it’s that clarity that we have gone to the Fund, enough, and we should use this opportunity as a reset to move forward”, Mr Ofori-Atta noted.

The Fund recently disbursed the first tranche of US$600 million out of the total US$3 billion, to Ghana’s coffers.

The programme will last for three years