IMF team visit ‘very productive mission’; government encouraged by progress so far – Ofori-Atta

Finance Minister Ken Ofori-Atta has said the recent visit by the International Monetary Fund to Ghana was a very successful one as Ghana negotiates with the Bretton Woods institution for a $3-billion economic programme. “This has been a very productive mission and I thank the IMF Team and all stakeholders for their commitment over what has been a marathon fortnight”, Mr Ofori-Atta said, adding: “The government of Ghana is deeply encouraged by the progress made so far.” “We look forward to continuing our engagement and remain committed to working tirelessly to create a stable and resilient macroeconomic environment, ensure debt sustainability and maintain social cohesion”. “Ghana is at a pivotal moment in its history and we are grateful for the IMF’s support, and indeed the support of all Ghanaians, as we work together to bolster Ghana’s build back effort”, the minister noted. The IMF team that visited was led by Stéphane Roudet from September 26 to October 7 to continue discussions on policies that could be supported by an IMF arrangement. The IMF staff met with President Nana Akufo Addo, Vice President Mahamudu Bawumia, Mr Ofori-Atta, and Bank of Ghana Governor Ernest Addison, and their teams. The IMF team also met with the Parliament’s Finance Committee, as well as representatives from various government agencies, the Trades Union Congress, the private sector, civil society organisations, and development partners. At the conclusion of the visit, Mr. Roudet issued the following statement: “An IMF team visited Accra to continue discussions on possible financial support for the authorities’ post-covid programme for economic growth”. “We had constructive discussions on policies aimed at restoring macroeconomic stability and laying the foundation for stronger and more inclusive growth”. “Key areas of focus included ensuring public finance sustainability while protecting the vulnerable, bolstering the credibility of monetary and exchange rate policies to reduce inflation and rebuild external buffers; preserving financial sector stability, and steps to encourage private investment and growth, including by improving governance, transparency, and public sector efficiency”. “The team will return to Washington, D.C. to advance its technical work. This includes making further progress on assessing Ghana’s debt sustainability. The discussions with the authorities will also continue in the weeks ahead, including during the upcoming Annual Meetings that will be convened at IMF headquarters”. “We reaffirm our commitment to support Ghana in these challenging times, consistent with the IMF’s policies”. “Staff express their gratitude to the authorities, private sector, civil society, development partners and other stakeholders in Ghana for their constructive engagement and support during this mission.”