Government has set up a 5-Member Consultative Committee chaired by astute banker, Albert Essien, to lead the financial sector stakeholder engagements to reach a deal with the International Monetary Fund (IMF) in Ghana’s debt restructuring . 

The group will examine views from financial sector players to deal with issues in the financial sector before reaching a deal with the IMF for an economic programme.

Joy Business has learned that the group is different from the credit committee.

Constitution on the Group

According to the Finance Ministry, the committee is chaired by Albert Essien, with Simon Dornoo as vice chair.

The other members of the committee are Alex Asiedu, Mabel Nyarkoa Porbley, and Peter Enti.

The committee will be giving counseling and will among other things, lead discussions with the financial services industry and other stakeholders to provide industry-wide inputs and transmit industry concerns on debt management strategy to the Ministry of Finance and the Bank of Ghana.

The expectations and goals are to ensure orderliness and confidence in government’s negotiations with the IMF.

The committee, Joy Business, understands is expected to give more power to the industry players on any decision that government will reach going forward in dealing with Ghana’s debt and the IMF programme.

 Why this consultative group?

The Finance Minister, Ken Ofori-Atta at a press briefing on September 26, 2022 announced that the committee will be set up for some broader stakeholder consultative inputs in finalising any deal with the IMF for an economic programme.

Scope of the consultative group?

The Finance Ministry has also disclosed that a similar engagement will be undertaken with Ghana’s external bondholders.

“The stability of the domestic financial ecosystem is critical to a successful IMF-supported economic programme and government will take all necessary steps to protect the sector as we have done in the past,” the ministry said.

“We need the support and trust of all Ghanaians to ensure that a historic arrangement is reached with the IMF. We are confident that with such engagement and collaboration the Ghanaian way, will enable us to recover very quickly and strongly from our macroeconomic challenge”, it said.

Who is Albert Essien?

Mr. Essien is a seasoned financial specialist with 30 years of experience in the banking sector.

He is the former CEO of Ecobank Group. Albert serves on several boards including the Development Finance Institute (Fin Dev), Canada, Old Mutual - South Africa, LMI Holdings as well as Jumo Africa.

He is also the Board Chairman of Ghana Amalgamated Trust.  Albert holds a Bachelor of Arts degree in Economics from the University of Ghana, Legon and is a fellow of the Chartered Institute of Bankers, Ghana.