Finance Minister, Seth Terkper says the decision to turn to the International Monetary Fund is to save the cedi from further depreciation and also to advance the confidence of investors in the economy.
Government over the weekend announced the decision to opt for an IMF bailout in order to save the ailing economy from sinking further.
Presidential advisor on the economy, Dr Nii Moi Thompson hinted on Joy FM last week that although going back to the IMF was being considered, that will hinge on technical expertise but not necessarily going for financial package.
The decision to turn back to the IMF and other developmental partners was one of the major resolutions reached after President John Mahama met the Presidential Advisory Committee on the Economy at Peduase, Friday.
Speaking in an interview, Mr. Terkper further explained: “The ultimate objective is to stabilize the cedi in order that domestic prices…will be brought under control and therefore that is a consumer welfare of what is to be done”.
“When you stabilize the cedi you are also looking at a situation where investors do see a more predictable economy as they bring their investments into the economy. So there are benefits in this for both consumers and the business community”.
“This will be the first programme that we start discussion with the Fund that takes account of our transition…into an economy that has become a middle income country,” the Minister noted.
Meanwhile, President Mahama has also directed that urgent measures be taken to expedite the coming on stream of domestic gas supplies to provide cheaper fuel for power generation.
This will among others, improve the energy situation in the country as well as minimise the foreign exchange burden of crude oil imports.
Latest Stories
-
War can devastate nation, let’s be thankful for the peace we have – Kofi Sarpong
2 mins -
Ghanaian athletes in Côte D’voire for U-20 Championship
21 mins -
Made in Taadi must happen this year by hook or crook – Kofi Kinaata
35 mins -
Labour unions contemplate May 2 strike over unpaid Tier-2 pension dues
37 mins -
Sedina Tamakloe’s arrest: MoF, MASLOC board can’t be left off the hook – Analyst
51 mins -
Three JHS boys arrested for allegedly gang-defiling 15-year-old colleague
57 mins -
Today’s front pages: Friday, April 19, 2024
1 hour -
Magnus RexDanquah : ‘Breaking the Eight’ – The Greatest Scam Ever since Ackah Blay Miezah’s Gold Deposits claim
1 hour -
You cannot advise a fool – Kofi Kinaata
3 hours -
9-month-old baby dead after father bathed her and mother in acid
4 hours -
Female suspect detained for alleged baby theft in Walewale
4 hours -
Christopher Adu Boahen to be buried on April 25
4 hours -
Ghana will achieve universal access to electricity by end of the year – Finance Minister
4 hours -
Ghana is set to procure one million revenue-efficient meters
4 hours -
National Peace Council raises concern over hate speech, insults in the media
4 hours