The government’s post-COVID-19 economic programme which is the domestic blueprint on which the Akufo-Addo administration will seek to engage the International Monetary Fund (IMF), is at its final stage of completion, the Minister for Finance, Ken Ofori-Atta has said.
Addressing the media today Wednesday 28 September 2022, at his office in Accra, Ken Ofori-Atta, noted that, global risks remain on the horizon, including a strengthening US dollar. and higher interest rates which negatively affect external borrowing.
“This development is exerting enormous pressure on our Balance of Payment position, and thus the need for us to expedite our engagement with the IMF.
Within this context, the government is finalising its post-COVID-19 economic programme as the domestic blueprint to engage the IMF,” Ofori-Atta said.
Far-reaching consultations
The Post-COVID-19 economic programme document, the Finance Minister said, “has already benefitted from input from key stakeholders including Civil Society Organizations (CSOs), social partners (Labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament”.
He further indicated that “additional stakeholder engagements” are currently ongoing “to solicit further inputs for the programme” in order to ensure that its implementation receives the backing of all stakeholders.
The seven pillars
The economic programme, the finance minister said “contains a set of time-bound structural reforms and fiscal consolidation measures” to place the country’s “debt levels and fiscal accounts on a sustainable path over the medium-term”.
“The programme is hinged on seven pillar, namely; Debt Sustainability, Fiscal Consolidation, Strengthening Monetary and Exchange Rate Policies, Building Strong Financial Institutions, Macro-Critical Structural Reforms, Maintaining Peace and Security; and Economic Growth and Transformation” Ken Ofori-Atta noted.
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