Don’t Expect Magic Overnight Over IMF Deal – Ken Ofori-Atta

Kenneth Ofori-Atta

The Minister of Finance, Kenneth Ofori-Atta, has issued a warning about the country’s request for a bailout from the International Monetary Fund (IMF).

Despite the request being approved by the IMF’s Executive Board, Mr Ofori-Atta has stated that it will not provide a simple solution to the current economic crisis.

In his statement, Mr Ofori-Atta emphasized that the approval is merely the first step towards implementing strong reforms and achieving inclusive growth.

He called for a relentless pursuit of a growth agenda to help restore Ghana’s economy to a position of strength, prosperity, and resilience.

Ghana’s economy has been in turmoil due to the COVID-19 pandemic, with the country facing rising inflation, a depreciating currency, and a widening budget deficit. Despite these challenges, Mr Ofori-Atta remains optimistic about the future and has outlined a plan to address the country’s economic issues.

In addition to the IMF bailout, Mr Ofori-Atta has also announced measures to stimulate economic growth, including a focus on agriculture, industry, and tourism. He has also emphasized the importance of improved revenue collection and public financial management.

It remains to be seen how effective these measures will be in restoring Ghana’s economy to full health.
However, Mr Ofori-Atta’s warning about the limitations of the IMF bailout serves as a reminder that there is no easy fix to the challenges facing the country.
It will take time, effort, and a sustained commitment to reform in order to ensure a stable and prosperous future for all Ghanaians.

“Ghana’s IMF Board approval is far from a magic solution. “What it is, however, is that it is a crucial first step on the necessary journey of strong reforms, inclusive growth and relentless pursuit of a growth agenda geared towards restoring our economy to a place of strength, prosperity and resilience, ” the Finance Minister was speaking at a joint press conference held by the Fund in the wake of the Executive Board’s approval of the $3 billion support.

The approval was secured on Wednesday, May 17 with the first tranche of $600 million expected to be received within a week.

The second tranche of $360 is expected in by November or December, a government official hinted.

Mr Ofori-Atta expressed gratitude to Ghana’s bilateral partners for ensuring that the West African country got approval from the Executive Board.

Right after Wednesday’s approval, Managing Director Kristalina Georgieva congratulated President Nana Addo Dankwa Akufo-Addo.

“Congratulations to President Nana Addo Dankwa Akufo-Addo and his team on the $3 billion IMF-supported program approved by our Executive Board,” she tweeted.

“We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians,” she assured.

By Vincent Kubi