'IMF programme requires consistent policy application'

Vice President Paa Kwesi Bekoe Amissah-Arthur has reiterated that Ghana’s agreement with the International Monetary Fund (IMF) on an economic programme requires a “consistent application of policy in a changing environment.”

Vice President Amissah-Arthur said single, short-term interventions will not help the country in successfully completing the three-year programme.

The vice president made these remarks on Tuesday, April 28 during the launch of IMF’s regional economic outlook report for sub-Saharan Africa in Accra.

By the report, the sub region’s economy is expected to grow at 4.5 per cent in the midst of sharp decline of oil prices.

Vice President Amissah-Arthur called for confidence to be built in businesses and among consumers.

“For many of us managers of small open economies, the overriding need is to address the fragility and to build resilience against the factors that constantly confront us.”

Minister of Finance Seth Terkper attributing Ghana’s economic downturn to policy failures and performance said the issue of trade shock also affected the country.

This is often not highlighted, he said.

Ghana approached the IMF for a programme in August last year after consistently missing its targets. An agreement was reached last month after several months of discussions. Already, $114 million has been released to boost the economy.