The Ministry of Finance
and the Bank of Ghana (BoG) have constituted a five-member committee to
lead extensive stakeholder engagements across all the key segments of the
financial sector as part of the programme to secure a potential US$3 billion loan
from the International Monetary Fund (IMF).
The committee, which is made up of prominent financial services professionals,
is chaired by Albert Essien, a former Chief Executive Officer of the Ecobank
Group.
Simon Dornoo, a former Managing Director of GCB Bank, will serve as the Vice
Chairman of the committee.
Other members are Alex Asiedu, a capital market expert; Mabel Nyarkoa
Porbley, an insurance expert; and Peter Enti, a business
investment advisory expert.
The Finance Ministry, in a statement released on Tuesday, said the committee
would be consultative, and would among other things, lead discussions with the
financial services industry and other stakeholders to provide industry-wide
inputs.
According to the statement, the committee members are expected to transmit
industry concerns on debt management strategy to the Finance Ministry and the
BoG.
“The expectations and goals are to ensure orderliness and confidence in the
Government’s ongoing negotiations with the IMF,” the statement further
explained.
It said a similar engagement would be undertaken with the country’s external
bondholders, noting, “The stability of the domestic financial ecosystem is
critical to a successful IMF-supported economic programme and the Government
will take all necessary steps to protect the sector as we have done in the
past.”
“We need the support and trust of all Ghanaians to ensure that a historic
arrangement is reached with the IMF,” the statement said.
It pointed out that the government was confident that such engagement and
collaboration would enable the country to recover very quickly and strongly
from its current macroeconomic challenges.
Source: dailyguidenetwork.com