Finance Minister, Ken Ofori-Atta has stressed that government is yet to conclude processes for debt restructuring with the International Monetary Fund (IMF).
According to him, the IMF and the Government Team are currently working to update the medium-term macro-fiscal framework to inform the designing of the programme.
“We simply have not reached any agreement with the Fund on the parameters of any debt operations as we are in the process of completing the debt sustainability analysis. Government shall continue to actively engage all stakeholders in a clear and transparent manner as we seek to fast-track the IMF negotiation process”, Mr. Ofori-Atta said at a press briefing in Accra on September 28, 2022.
According to him, the IMF, the World Bank and the Ghana Team are currently undertaking a debt sustainability analysis (DSA) to inform the programme negotiations.
“In addition, the IMF and Government Team are working to update the medium-term macro-fiscal framework to inform IMF programme design,” he maintained.
Mr. Ofori-Atta stated that government and the IMF Team are also discussing policy measures and structural reforms proposed in Ghana’s economic programme, aimed at addressing the economic challenges facing the country towards restoring and sustaining macroeconomic stability, fiscal and debt sustainability, as well as promoting durable and inclusive growth and social protection.
He argued that Ghana needs a viable domestic financial system to support its development programme, especially in the three years of the programme with limited access to the International Capital Market.
“Everything must, and will be done, to protect our financial sector; and there must be room for a win-win conversation through extensive stakeholder engagement with both our domestic and external investors”, he assured.
Mr. Ofori-Atta pledged that government will always protect funds of people in the financial sector to boost confidence in the banking sector.
“This is a Government that protected the savings of 4.6million Ghanaian depositors with the reform of the Banking and financial sector even in our early days. We owe it to the economy and Ghanaians to keep protecting it”.
