Government has reassured that it is implementing a raft of policy measures approved by Parliament in the 2023 Budget to reset the economy.

According to a Deputy Minister of Finance, Abena Osei-Asare, the International Monetary Fund – Economic Credit Facility programme is never a panacea.

Speaking at the Deloitte Ghana 2023 Mid-Year Budget Breakfast Meeting on the theme “Positioning for Sustainable Recovery, Ghana’s Outlook Post-IMF Deal”, she said despite the relative stability the government has achieved, it is mindful of the lingering risks.

“Let me assure this gathering that these are the questions and issues that have preoccupied the attention of government and the Ministry of Finance. We have made clear the fact that the IMF-ECF programme is never a panacea. We are intent on implementing the raft of policy measures that were approved by Parliament in the 2023 Budget to rest the economy.”

On July 14, 2023, government announced the exchange of about ¢7.93 billion of securities held through the Ghana COCOBOD and about $809 million dollar-denominated domestic bonds and notes.

The Deputy Finance Minister reiterated the government’s position that these measures are to secure sustainable debt levels and move economic growth forward, adding, “We have taken this painful and difficult pathway because we know the alternative is simply unthinkable”.

Mid-Year Budget to drive stability, growth

Based on the immediate impact of the interventions of the last seven months, Mrs. Osei-Asare said government continues to re-assess the tools and the options for economic recovery and revitalization.

“As a step forward, we intend to use the opportunity of the Mid-Year Budget to be presented next week to drive stability and growth”, she stressed.

According to her, the focus will be on revenue enhancement through both administrative and compliance measures, fiscal consolidation and structural measures that are outlined in Post Covid-19 Programme for Economic Growth (PC-PEG) which supported the by the IMF.

She added that Ghanaians can expect the Mid-Year Review provides an update on the implementation of the 2023 Budget so far, a focus on structural reforms to address structural weaknesses and build resilience, rejuvenate the growth agenda towards a more prioritized growth strategy and safeguard social protection for the vulnerable.

“Government is aware that these interventions will be critical to the future of our country and people”, she concluded.