The Minister of Finance, Kenneth Ofori-Atta, has issued a warning about the country’s request for a bailout from the International Monetary Fund (IMF).
Despite the request being approved by the IMF’s Executive Board, Mr Ofori-Atta
has stated that it will not provide a simple solution to the current economic
crisis.
In his statement, Mr Ofori-Atta emphasized that the approval is merely the
first step towards implementing strong reforms and achieving inclusive growth.
He called for a relentless pursuit of a growth agenda to help restore Ghana’s
economy to a position of strength, prosperity, and resilience.
Ghana’s economy has been in turmoil due to the COVID-19 pandemic, with the
country facing rising inflation, a depreciating currency, and a widening budget
deficit. Despite these challenges, Mr Ofori-Atta remains optimistic about the
future and has outlined a plan to address the country’s economic issues.
In addition to the IMF bailout, Mr Ofori-Atta has also announced measures to
stimulate economic growth, including a focus on agriculture, industry, and
tourism. He has also emphasized the importance of improved revenue collection
and public financial management.
It remains to be seen how effective these measures will be in restoring Ghana’s
economy to full health.
However, Mr Ofori-Atta’s warning about the limitations of the IMF bailout
serves as a reminder that there is no easy fix to the challenges facing the
country.
It will take time, effort, and a sustained commitment to reform in order to
ensure a stable and prosperous future for all Ghanaians.
“Ghana’s IMF Board approval is far from a magic solution. “What it is, however,
is that it is a crucial first step on the necessary journey of strong reforms,
inclusive growth and relentless pursuit of a growth agenda geared towards
restoring our economy to a place of strength, prosperity and resilience, ” the
Finance Minister was speaking at a joint press conference held by the Fund in
the wake of the Executive Board’s approval of the $3 billion support.
The approval was secured on Wednesday, May 17 with the first tranche of $600
million expected to be received within a week.
The second tranche of $360 is expected in by November or December, a government
official hinted.
Mr Ofori-Atta expressed gratitude to Ghana’s bilateral partners for ensuring
that the West African country got approval from the Executive Board.
Right after Wednesday’s approval, Managing Director Kristalina Georgieva
congratulated President Nana Addo Dankwa Akufo-Addo.
“Congratulations to President Nana Addo Dankwa Akufo-Addo and his team on the
$3 billion IMF-supported program approved by our Executive Board,” she tweeted.
“We stand with Ghana as it implements reforms to address the current economic
and financial crisis and help build a better future for all Ghanaians,” she
assured.
Source: dailyguidenetwork.com