INTERNATIONAL MONETARY FUND REAFFIRMS SUPPORT FOR GHANA

The International Monetary Fund (IMF) has reaffirmed its support for Ghana in the implementation of the IMF’s Extended Credit Facility (ECF) arrangement with Ghana which aimed to restore debt sustainability and macroeconomic stability to the country.

IMF Deputy Managing Director, Min Zhu, who made the affirmation on behalf of the Fund, was addressing a news conference in Accra, yesterday, at the sidelines of the conference on Enhanced Data for Better Macroeconomic Policies.

IMF Deputy Managing Director disclosed that the Executive Board of the IMF had completed a second review of the ECF arrangement and gave the assurance that Ghana was fully committed to the implementation of the programme to return the country to high growth and job creation, while protecting social spending.

He said in the past few years, Ghana had been faced with serious external and domestic uncertainties and challenges which required a wide range of ambitious reforms such as fiscal discipline, fiscal consolidation and the elimination of tax exemptions to maintain fiscal sustainability, reduce debt and inflation, resolve the energy crisis and promote inclusive economic growth.

Mr Zhu said he had discussed with the President, John Dramani Mahama, the necessary policy interventions required to meet the immediate vulnerabilities facing the economy and exchanged views on the best way forward in an environment of constrained budgetary resources and deteriorated fiscal and external imbalances such as the reduced revenue resulting from depressed commodity prices.

While in Ghana, Mr Zhu had other fruitful meetings with the Finance Minister, Seth Terkper, Deputy Governor of the Bank of Ghana (BoG), Millison Narh, leading economists, business leaders and representatives of Civil Society Organizations (CSOs).

The Deputy IMF Managing Director also joined policy makers from the broader African region at the opening of a conference on Enhanced Data for Better Macro Policies in Africa.

Source: ISD (G.D. Zaney)