The Minister of Finance, Ken Ofori-Atta has revealed that government is revealing measures in exiting from the International Monetary Fund (IMF)’s Extended Credit Facility (ECF) programme.
“In the 2018 Budget we signaled Governments’ commitment to successfully conclude the existing IMF ECF programme at the end of 2018…… I’m glad to inform you that we are on course to completing the programme successfully”- he said.
Government under former president Mahama went for the IMF to help Ghana’s financial deeds but Presenting the mid-year budget review in Parliament Thursday, Mr Ofori-Atta said the country has successful concluded six IMF reviews leaving two more reviews to go.
He said Ghana is therefore on track to conclude the exiting of Ghana’s three-year arrangement with the Fund.
“I’m glad to inform you that we are on course to completing the programme successfully. Ghana as a Fund member country will continue to enjoy the Fund’s technical assistance. We have successfully completed six (6) reviews so far, leaving us with two more reviews to go. The combined 5th and 6th Review was successfully concluded in April 2018”.
He added that the government is also putting in place arrangements to ensure irreversibility in macroeconomic gains, in the post IMF era.
“We are in discussion with organised labour, employers association, and other relevant stakeholders to institutionalise a social partnership arrangement to discuss and form consensus on matters of national development,” he said.
Ghana’s three-year arrangement was approved on April 3, 2015 for SDR 664.20 million (about US$955.2 million or 180 percent of quota at the time of approval of the arrangement).
It’s aimed at restoring debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.