Accra, Sunday 17th March 2024 – The Minister for Finance, Dr Mohammed Amin Adam (MP) has assured the International Monetary Fund (IMF) that the government is committed to staying on course with the Fund programme.
“We will justify the trust and confidence you have in Ghana and stay on course,” he told the IMF boss during the Fund meeting with management of the Ministry of Finance and the Bank of Ghana as part of IMF Managing Director’s three-day visit to Ghana.
Giving an over-view of the economy and the performance of the Fund programme thus far, the Minister said the economic indicators were trending in the right direction, citing decline in inflation, modest GDP growth, etc. all of which indicated signs of stability.
All of these have resulted in Ghana receiving positive first and second review of the ongoing IMF programme, he said.
Hon Amin-Adam, said to sustain this stability and to ensure growth, the government is pursuing aggressive domestic revenue mobilization while ensuring the expenditure is controlled with no fiscal recklessness, especially during this election year.
The Minister outlined a three-prong approach to stimulate and sustain growth as well as ensure that the IMF programme is not derailed.
These are inclusiveness of all relevant stakeholders to build consensus for economic growth. To this end, the government will soon hold a development conference to actualize this vision.
Hon Amin-Adam said his second approach will be to review the Public Financial Management regime to make it more robust and efficient.
The third area of focus will be on SME, especially SME financing to stimulate and sustain growth, and to boost domestic revenue mobilization.
On the debt restructuring, the Minister was hopeful that negotiations with all the parties involved would be concluded soon.
He expressed governments’ appreciation to the IMF for being there for Ghana during our most difficult time.
Madam Kristalina Georgieva on her part said the Fund will continue to support Ghana build economic resilience to accelerate and sustain inclusive growth to ensure a more prosperous future for all Ghanaians. “Like Kwame Nkrumah said, ‘forward ever,’ stay on course and move forward with the programme.”
The IMF boss was accompanied by Stephane Roudet, the Mission Chief for Ghana, Abebe Selassie, Director of the Africa Department, and other staff from the Fund.
Present at the meeting were the Hon Abena Osei Asare, Minister of State, Dr Ernest Addison, Governor of the Bank of Ghana and his two Deputy Governors, Ms. Eva Mends, Chief Director of the Ministry, and other Directors of the Ministry and the Bank of Ghana.
During her visit, Kristalina Georgieva is scheduled to engage in bilateral talks with President Akufo-Addo, Vice President Dr. Mahamudu Bawumia and pay a visit to the Kwame Nkrumah Mausoleum. END