Finance Minister, Ken Ofori-Atta has revealed that Ghana could get about $3 billion from the International Monetary Fund (IMF).
This is higher than the initial one billion dollars disclosed by the Finance Minister to Bloomberg News in July 2022 when the IMF team paid a visit to Accra as part of their economic data gathering exercise.
According to the Finance Minister, the revised projection has been influenced by recent developments in the economy regarding economic growth and Ghana’s drawing rights at the IMF.
Ghana’s domestic programme
The Finance Minister has also disclosed that Government is hoping to complete work on its Enhanced Domestic Programme by the end of September this year, which will form the basis for negotiating a programme with IMF .
Mr. Ken Ofori-Atta revealed that government is optimistic of securing a programme with the IMF next year, as it pushes to finalise work on its Enhanced Domestic Programme this summer.
Focus of Ghana’s Programme with IMF
The IMF has indicated that the focus of Ghana’s programme with the Fund, will look at Debt Sustainability and how to restore Macro-Economic Stability and Support the credibility of government policies, as well as restore confidence in Central Bank’s ability to manage Inflation.
But speaking on PM EXPRESS BUSINES Edition with Host, George Wiafe, the Finance Minister disclosed that “programmes usually take about six months to be negotiated, but discussions for Balance of Payment support has already started.
“We are thinking of a three-year programme possibly, hopping that IMF programme reforms will be completed in 2 years” the Minister added.
Eurobond and IMF programme
The Minister also disclosed that, they will be tapping into the Eurobond Market, after Ghana is able to close a deal with the IMF. This will make up the funding shortfalls for the country.
The minister also revealed that closing the IMF programme quickly will also help restore investor confidence in the economy.
Revenue mobilisation and checking fiscal slippage
Government over the years has struggled in hitting its revenue target and checking Budget overruns, but Mr. Ofori-Atta has assured that government is hoping to rely heavily on the GIFMIS programme to scrutinize all expenditure over the next five months.
The Minister maintained that this will help restore confidence in the economy as government takes some of the fiscal measures for the next five months.
Government has revised the Total Revenue as well as expected money grants.
Total Expenditure, (Including Payments for the clearance of arrears) has also been revised downward to ¢135 billion, from the original projection of ¢137 billion cedis.
This will result in fiscal deficit on cash basis of ¢38 billion, representing 6.6% of the revised GDP.
- Police arrest man flogging toddler in viral video
- ‘Akufo-Addo must resign; he’s giving us too much headache’ – Kpebu
- Loans to become more expensive as BoG hikes policy rate to 24.5%
- Brother stands in as groom skips wedding to train
- Nigerian singer Teni gifts SHS teacher a car
- BoG dollar auction: Demand outstrips supply by $72.2m as $1 hits ¢10.92
- Social media users impressed with Black Sherif’s ‘The Villain I Never Was’
- Government using IMF as smokescreen to force its ‘austerity budget’ on Ghanaians – Martin Amidu
- ‘Forget about votes; call Chairman Wontumi to account’ – Martin Kpebu to Akufo-Addo
- Arrest all 3 men – Sonnie Badu tells police after man flogging toddler goes viral
- Power Energy Ghana Exhibition slated for November 14, 2022
- Ghana’s gross reserves fall to 2.9 months of import cover in September 2022
- ICU-Ghana demands immediate cessation of incessant exploitation of labour
- Fistfight breaks out over control of Kenya parliament
- Today’s front pages: Friday, October 7, 2022
- Ghana’s debt stock up ¢9bn to ¢402.4bn in July 2022 – BoG
- ‘ECG has not agreed to any percentages with Hubtel’ – ECG MD
- Court orders CID Boss to provide safety report on alleged bride killers
- There is too much uncertainty in the business environment – Twum Akwaboah
- Deputy Energy Minister, Amin Adam, appointed Board Chairman of New Producers Group
- Increasing monetary policy rate will not reduce inflation – Badu Aboagye
- Austerity is bad for economic growth – Prof. Charles Ackah
- The Central Bank’s policy a measure in the wrong direction – Prof. Charles Ackah
- Akosua Agyapong eulogises mom
- ‘Horrible and terrible’ – German Ambassador on illegal mining