The Finance Minister, Ken Ofori-Atta, says Ghana and the International Monetary Fund (IMF) have agreed on a strategy for the country’s economic recovery.
The strategy features a preliminary fiscal adjustment path and financing requirement to help Ghana navigate by the present economic difficulties.
Mr Ofori-Atta, who delivered the 2023 budget statement and economic policy to Parliament on Thursday, said the strategy could be consistent with Government’s Post-COVID-19 Programme for Economic Growth (PC-PEG).
“The PC-PEG is Government’s blueprint to restore macroeconomic stability, promote debt sustainability, sustain economic recovery and support structural reforms,” the Finance Minister said.
“We are now embarking on a journey to fundamentally reposition our economy with the PC-PEG, to be supported by the IMF, World Bank and other friendly sovereigns and the private sector (domestic and international), as our blueprint,” the Minister emphasised.
He, nevertheless, requested Ghanaians to brace themselves for the prices related to the economic and structural reforms and make some sacrifices to help the Government.
Mr Ofori-Atta said: “We are mindful that it will require broad-based contributions and sacrifices. There will be costs to the fiscal adjustments we intend to make in the coming years to sustain our stability, recovery and eventual transformation.”
On the a part of the Government, the Finance Minister pledged that there could be fiscal self-discipline and said that “every pesewa that we ask the Ghanaian people and businesses operating in Ghana to contribute will be spent well”.
He assured of Government’s sturdy dedication to safe the IMF loan help programme “very soon”, which he said would help the country in its post-COVID recovery efforts.
“Our disagreements notwithstanding, what should never be in doubt, especially in the eyes and ears of the general public, is our common desire to serve the Republic,” Mr Ofori-Atta said.
Ghana formally began partaking the IMF in September 2022 for a loan help programme, which is aimed at establishing a macro-fiscal path that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social safety.
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