Finance must ensure successful completion of IMF program

Minister of Finance, Kenneth Ofori-Atta, has been asked to ensure that Ghana derives maximum benefits from the IMF program that is currently being implemented.

He must make sure that the challenges of the program in terms of the conditionality do not outweigh or override the success and benefits expected to be attained. Some people have expressed sentiments about the program especially, the decision by the IMF not to release the US$3 billion in bulk for the full implementation of the program for the three-year period.

Instead, The IMF is releasing the funds in tranches and further supervising and guiding the government in revising policies and programs as part of the conditions.

The Finance minister must ensure that his ministry, that’s the Ministry of Finance continue to educate the people of Ghana on the implementation process, in order not to create doubts in their minds in the implementation process.

The Majority and Minority caucuses in Parliament as well as the Speaker of Parliament, Alban Bagbin must also support the Finance Minister to successfully implement the program and not frustrate him or his ministry.

Any decision to change the Finance Minister in the IMF program is likely to disrupt or impede the implementation process and create mistrust between the parties, economic analysts have cautioned.

The decision by the President to assign the Finance Minister to lead government delegation to negotiate the IMF deal helped Ghana to secure a record staff-level agreement. Based on his competence and experience, The Finance Minister would be able to bring the current program to a successful completion in 2026.

Ghana’s Finance Minister has been touted as one of the best finance ministers in the world who was able to manage the country’s economy from the Corona Virus Pandemic in 2020 to the Russian-Ukraine War in 2022 till date.

Under his watch government is currently aiming at creating a conducive environment for businesses to thrive, generate employment opportunities, and drive economic growth.

Government is also concentrating on boosting agricultural productivity, promoting local industries, and investing in critical infrastructure projects Government plans to establish a conducive environment for businesses to thrive, generate employment opportunities, and drive economic growth.

Government plans to maintain responsible fiscal policies, improve revenue generation, and prioritize the efficient allocation of resources. These measures will ensure that the economic revival efforts are sustainable in the long run.