Finance Minister, Ken Ofori-Atta, has asked creditors to assist the government in making its debt operation successful as it forms a crucial part of obtaining financial support from the International Monetary Fund.

He called on all stakeholders of the economy to offer support in ensuring a successful IMF program.

Ofori-Atta whiles addressing a press briefing on December 13, 2022, stated that securing an IMF program will help restore stability and address the cedi’s depreciation.

“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.

“We can only get to the IMF Board if we get sufficient commitment from our creditors in support of the debt operation,” he added.

Ofori-Atta also added that the securing is anchored not only on an increased revenue mobilization but also on debt restructuring to ensure that Ghana’s debts reach sustainable levels.

He said: “The 2023 Budget is anchored on increasing domestic revenue mobilization effort by 1.2 percentage points of GDP. On the expenditure side, the 2023 Budget proposes to reduce expenditures (on a commitment basis) by about 2 percentage points of GDP from 2022 to 2023. Primary expenditures are expected to be reduced through a reduction in allocation on the Use of Goods and Services and Domestically Financed Capital expenditure on a commitment basis.”

Speaking further he said, “these fiscal adjustments alone are not enough to address the country's economic challenges, hence the ongoing debt restructuring aimed at restoring debt sustainability in the medium-term.”

“The 2023 Budget contains important social protection measures to support the most vulnerable including measures that seek to gradually increase the number of beneficiary households as well as the value of cash transfers under the LEAP.

“Other social protection programmes which will be prioritized under the programmes include the NHIS, the Capitation Grant, and the School Feeding Programme,” he assured.

SSD/FNOQ