The Minister-Designate for Finance, Dr. Cassiel Ato Forson, has reaffirmed the government’s commitment to fully implementing the International Monetary Fund (IMF) programme.
Speaking during his vetting by the Appointments Committee of Parliament on January 13, Dr. Forson stressed that the Mahama administration remains resolute in its support for the IMF initiative.
He assured that the government will diligently execute the programme to achieve its intended objectives and foster economic stability.
The NDC government recognises that there’s an IMF programme. We’re committed to implementing the IMF programme. We’re also committed to achieving the objectives of the IMF programme.
“We’re not going to jettison the IMF programme, we’re going to implement it. It is an agreement between the Republic of Ghana and the IMF. Today, we are in government, and we have a responsibility to implement it. I’m on record to have said that we will implement the IMF programme, we are not running away from that.
“And so, whatever it takes, we will not run away from implementing the IMF programme. We will implement it to the latter and achieve the objectives of the IMF programme.”
Ghana’s negotiations with the International Monetary Fund (IMF) have been an ongoing process aimed at addressing the country’s economic challenges, including rising public debt, inflation and a deteriorating fiscal balance.
Ghana has faced significant economic difficulties in recent years, exacerbated by factors such as the COVID-19 pandemic, global supply chain disruptions, and fluctuating commodity prices.
These challenges resulted in a growing fiscal deficit, high public debt, and inflationary pressures, leading to a loss of investor confidence and a decline in the local currency.
IMF Engagement
In response to these challenges, the government of Ghana sought assistance from the IMF to stabilize the economy. This resulted in negotiations for an IMF bailout or financial support programme.
The government engaged in discussions with the IMF to secure a financial package aimed at stabilizing the economy and implementing necessary structural reforms.
In July 2022, Ghana officially began negotiations with the IMF for a support package, focusing on a $3 billion extended credit facility (ECF).
The package was designed to provide financing and policy support to help Ghana reduce its fiscal deficit, restructure its debt, strengthen its institutions, and restore macroeconomic stability.
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