President Akufo-Addo says government is undertaking rigorous expenditure rationalisation and prudent spending to meet conditions set by the International Monetary Fund (IMF).
This he said is in order to access the second tranche of the $3 billion bailout in six months.
The IMF board last week approved Ghana’s request for a $3 billion bailout resulting in the release of the first 600 million dollars to the Bank of Ghana.
But subsequent releases will be hinged on Ghana meeting certain conditionalities set by the Fund which includes improvement in domestic revenue mobilisation.
Speaking at the ongoing Qatar-Africa Economic Forum in Doha, President Akufo-Addo said his government is very much aware of its obligations and will live up to them.
“The global situation has not been kind to incumbent governments all over the world and I think our situation will be no different but at the same time, I believe we have enough time.
“We have eighteen months, I am to leave office in January 2025, so 19 months from now to be able with a very disciplined approach, implement the IMF programme and reposition our economy to be able to bring some growth back and some relief back to the population.
“…to also be able to convince them that yes, it is worth continuing the journey that my party started.”
Touching on the benefits of the IMF bailout, President Nana Akufo-Addo said Ghana will soon return to the International Capital Market.
Mr Akufo-Addo said this will enable his government to get the needed funding to execute its mandate.
According to him, the shutting of the capital market to the country has been of great worry to him and his government.
“We have positioned ourselves to be able to go back into the International market which had been a source of funding for us during the first three or four years of our government,” he said on Tuesday, May 23.
Meanwhile, government says it is taking the necessary steps to review all existing flagship programmes as part of its objectives to strengthen the fiscal policy.
This was contained in the IMF’s May 2023 country report on Ghana.
Already, one of the flagship programmes, Free SHS has been described by the Fund as being poorly targeted, with the country’s education system producing poor learning outcomes.
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