Things are improving, IMF deal will make them better – Ofori-Atta

The Finance Minister, Ken Ofori-Atta, has expressed strong confidence that the Staff-level Agreement with the International Monetary Fund for a new three-year arrangement under the Extended Credit Facility (ECF) of approximately US$3 billion will help tackle inflation, strengthen the economy, and make it better.

Mr Ofori-Atta told journalists at a press conference on Tuesday that if approved by the IMF Board, the agreement will help restore macroeconomic stability, combat inflation, and strengthen the local currency.

“Truly, the eventual conclusion of the program will assist us in our efforts to restore stability, tackle inflation, and strengthen our currency.”

“That is why the various ingredients of the program should be supported by all Ghanaians and all stakeholders.”

He appealed to parliament to pass the 2023 budget including all revenue measures.

“Key fiscal measures, structural reforms, and the medium-term macro-fiscal framework in the 2023 Budget are aligned with the IMF-supported Programme. It is therefore crucial that we receive support from all stakeholders including Parliament to ensure that the 2023 budget including all revenue measures are passed, and Creditors to ensure a successful debt operation.”

“We are optimistic that the 2023 Budget adjustment strikes the right balance between determination and pragmatism. Already, the economy is responding positively to the news of GoG and the IMF reaching an SLA and we are eager to leverage this momentum to the very moment when the IMF Executive Board approves the Programme request. We are already seeing significant improvements in the exchange rate with the Ghana cedi recovering against major currencies.

“We hope that Ghanaians will continue to support all efforts to restore macroeconomic stability and promote robust and inclusive growth.”