IMF Bailout: Ghana’s team off to Washington for final talks

Ghana’s negotiating team is in the United States of America for the final talks on the International Monetary Fund (IMF) programme, President John Dramani Mahama has said.

The team is expected to be part of two days of annual meetings of the Fund and the World Bank.

The meetings will discuss IMF's economic programmes for Ghana.

At a one-day retreat of government appointees on Wednesday, October 8, President Mahama said Ghana’s team is led by Dr Kwesi Botchway with Minister of Finance Seth Terkper and Governor of Bank of Ghana Dr Kofi Wampah as members of the technical team.

He indicated that the ministers of Employment and Labour Relations, Gender, Children and Social Protection and Trade and Industry have also been included in the team.

Further explaining the move to the ministers and deputy ministers at the Kofi Annan International Peacekeeping Center - where the retreat is taking place - President Mahama said Ghana’s commitments to the three-year IMF programme are being pursued in five areas.

First will be on reduction of the wage bill; secondly, expenditure reduction and improvement measures; thirdly, undertaking revenue measures; fourthly, addressing the issue of debt stock and; finally having a strong social development and social protection policies.

The IMF programme is expected to begin from January 2015.

The retreat has in attendance the Chief of Staff, Prosper Bani, and Vice President Paa Kwesi Bekoe Amissah-Arthur.