The Minister of Finance, Ken Ofori-Atta, has prompted Ghanaians that securing the extended credit facility from the International Monetary Fund (IMF) is not an absolute mark of the end of the country’s economic challenges.
Mr Ofori-Atta made this comment during an update on Ghana’s economy on June 18, indicating that the IMF-backed programme is rather a precursor to the implementation of a programme that will bring about the needed economic reforms.
“We have an ambitious agenda reform. Let me state clearly that securing an IMF programme is not an end to our current challenges though it has significantly paved the way for the implementation of an ambitious and well-thought-out programme of reform for our economy and country.”
He hinted at how the government intends to achieve the needed economic reforms, which include revenue growth, energy sector reforms, and others.
“The real work of adjustment, realignment, and the path to steady economic growth has just begun. Let us brace ourselves for the needed reform, especially in expenditure control, non-arrears accumulation, revenue growth, ECG revenue collection, and energy sector reforms to rebuild the walls of the republic with urgency.”
“That said, our reform programme, the post-covid-19 for economic growth, now supported by a three-year extended credit facility with the IMF, is built on clear targets and strong policy and structural measures. Over the medium term, the economic growth-backed IMF programme seeks to promote a credible fiscal consolidation programme anchored by strong domestic revenue mobilisation and high spending efficiency,” Mr Ofori-Atta added.