The International Monetary Fund has applauded the Government, the Ministry of Finance and the Bank of Ghana for their commitment to strengthen governance, improve transparency, and reduce the risks of corruption under the Fund-supported programme.
For example, it said the authorities have requested IMF technical assistance to conduct an in-depth Governance and Corruption Diagnostic Assessment; and this exercise is ongoing.
“It will be used as input into the ongoing efforts to update the National Anticorruption Action Plan. One specific area where the authorities have committed to strengthen the existing framework is the asset declaration system for public officials. They endeavored to strengthen it by enacting a new Conduct of Public Officers Act”, it said.
Furthermore, it added that the Ghana Revenue Authority, with support from IMF technical assistance, is developing a plan with the aim to improve the professional standards of tax administration in Ghana”.
Ghana’s performance under programme compelling
The Fund also said Ghana’s performance under the programme has been compelling, both in terms of meeting the quantitative objectives for example on budgetary performance, but also in implementing structural reforms to make the economy more resilient, ensure a lasting improvement in public finances, and lay the foundations for stronger and more inclusive growth.
Despite a difficult global economic environment, it said the authorities’ reforms are bearing fruit, and signs of economic stabilization are emerging.
This includes growth that has proven more resilient than initially envisaged, rapidly declining inflation, improved fiscal and external positions, an increase in the Bank of Ghana’s reserves, and a decrease in exchange rate volatility.
Government makes progress on debt restructuring
The Bretton Wood institution also said the government is making good progress on their comprehensive debt restructuring.
The domestic debt exchange programme was completed last year.
The IMF said the government has recently reached an agreement in principle with their official creditors under the G20’s Common Framework on a debt treatment consistent with the programme. The terms of the agreed debt treatment are expected to be formalized in a Memorandum of Understanding between Ghana and its Official Creditor Committee.
“The authorities are also engaging with their private creditors to seek relief on their external debt, it added.
Latest Stories
-
Media must act responsibly in live telecast of high-profile court cases – Sulemana Braimah
6 mins -
Limited registration: EC apologises for delays on Day 2, gives officials fresh directive
25 mins -
Cedi depreciation: Is remittances the forgotten saviour?
60 mins -
Yul Edochie and estrange wife May’s divorce case stalled
1 hour -
Local truck drivers deserve protection too – Ablakwa on police directive against harassing foreign drivers
1 hour -
Bawumia is respectful, intelligent, naturally humble – Dormaahene
1 hour -
Limited registration: EC hasn’t worked to perfection – Mustapha Gbande
1 hour -
AfriCAN Executive Director urges policymakers to fulfill commitments on nutrition
1 hour -
Over 70 youths and journalists in Volta Region receive Nutrition Capacity Enhancement Certificate Awards
2 hours -
GRA-SML contract: Presidency rejects MFWA’s request for full KPMG report
2 hours -
Reduce glitches to encourage more people to register – Prof Opoku-Agyeman
2 hours -
Samira Empowerment Humanitarian Projects begins BECE Revision Project in Ashanti and Eastern Regions
2 hours -
U.S military aid to Ghana surpasses $28m, rallies allies to boost maritime security
2 hours -
Ghana League: Hearts of Oak thump Chelsea in Berekum to return to winning ways
2 hours -
Watch winners of Ghana Hip Hop Dance Championship display their talent
3 hours