According to Ken Ofori-Atta, the finance minister of Ghana, provision will be made for Ghana’s first instalment which is approximately $3 billion by the first quarter of 2023.
DETAILS OF THE PROCESS.
Ofori-Atta stated that the intermediate macro-economic support process, crucial fiscal measures and structural reforms contained in the 2023 budget are in sync with the IMF-supported Programme.
He stated that more work must be done before the first section can be given to the government so as to get the acknowledgement of the IMF board and management, stating that the SLA is a section of the acknowledgement process.
He summoned all parties, especially the Parliament in order to guarantee the 2023 budget and other revenue measures are passed in the house.
Speaking during a joint press conference with IMF representatives in Accra on the 13th of December on when the first portion will be received, Ofori-Atta said, “Ghana stands ready to complete all the prior actions before the first quarter of 2023. We are committed to the programme as a whole and we will do our part to make it happen”.
He went further to state that there is more to be done in securing the board’s approval. Stressing the importance of the support from stakeholders, especially the Parliament, all revenue measures including the 2023 budget must be passed.
To uphold order and moderation while waiting for the IMF board’s approval, Ofori-Atta said, “We hope that Ghanaians will continue to support all efforts to restore macroeconomic stability and promote robust and inclusive growth. vii. We are confident as a resilient people, and we shall rally to this great enterprise, to restore macroeconomic stability and promote robust and inclusive growth. The world is looking at us, and I know we can do it,” the Finance Minister said.
He said that the whole process can be successful on the conditional note of creditors commitment to the government.
The Minister added that the fiscal alterations alone are not sufficient to address the country’s economic short comings which is the reason for the current debt sustainability in the medium-term.
Speaking on the process, Stephan Roudet, IMF Mission Chief for Ghana, he assured the press of engaging very closely with Ghana, announcing that Ghana and the IMF have reached the staff agreement.