Dr. Ato Baah Cassiel Ghana, the Finance Minister Forson.does not anticipate seeking another financial rescue from the International Monetary Fund (IMF) anytime soon.
He continued by saying that the nation was now an equal policy partner with the Fund rather than a beneficiary of emergency assistance.
Dr. Forson told Parliament on Thursday that President John Dramani Mahama thought Ghana shouldn’t require another bailout given what the nation’s 17th IMF program will entail.
He quoted the President as saying, “It is my hope that this will be the very last time we ever go for an IMF bailout program. I repeat, no further IMF financial bailout is currently required in the foreseeable future.”
Dr. Forson reaffirmed that, subject approval by the IMF Executive Board, Ghana had successfully finished the last review of its current IMF-supported program.
He declared that the government will now switch from the Extended Credit Facility program to a Policy Coordination Instrument, which focused on monitoring, policy guidance, and reforms but did not offer cash.
The Finance Minister stated that the new arrangement meant Ghana would continue to collaborate with the IMF on economic oversight and reforms but would no longer require financial assistance from the Fund.
“Mr. Speaker, we have evolved from the position of a supplicant to one of a partner with the International Monetary Fund,” he told Parliament.
Dr. Forson attributed recent economic growth to changes implemented to stabilise the economy and rebuild trust, as well as to stringent fiscal restraint.
“The government’s focus going forward will be to maintain stability, strengthen growth, and avoid a repeat of past economic crises,” he declared.
“Fiscal prudence and discipline always deliver results,” he continued.
According to the government, the change signifies a new stage in Ghana’s economic management, with a focus on long-term stability, investor confidence, and sustainability rather than bailout programs.
Source: newsthemegh.com