Ghana’s problems are not resolved by the IMF agreement; the real work has just begun – Ofori-Atta

The Minister of Finance, Ken Ofori-Atta, has cautioned that securing the extended credit facility from the International Monetary Fund (IMF) will not mark the end of the economic challenges facing the country.

Mr. Ofori-Atta, while giving an update on Ghana’s economy, indicated that the IMF-backed program is rather a precursor to the implementation of a programme that will bring about the needed economic reforms.

“We have an ambitious agenda reform. 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.”

He also gave a hint on how the government intends to achieve the needed economic reforms, which include revenue maximization, energy sector reforms, and others.

“In fact, 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.”

“That said, our reform programme, the Post Covid-19 for Economic Growth, now supported by a three-year extended credit facility with the IMF is built on clear targets and strong policy and structural measures. 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 added.

The Executive Board of the IMF on May 17, granted approval for Ghana’s $3 billion bailout request, aimed at revitalizing the country’s struggling economy.

Ghana received an amount of $600 million from the IMF, the first tranche of the $3 billion bailout package, on May 19.