1. Right Honourable Speaker, Hon. Members of Parliament, March 2019 has indeed been a remarkable month. I wish to, therefore, express my sincere gratitude for the opportunity to address the House on some key recent events that have occurred recently as we bring the First Quarter of 2019 to a close:
- First, the formal completion of our Extended Credit Facility programme with the IMF;
- Secondly, the historic US$3 billion Eurobond issuance;
- Thirdly, the recent developments on the foreign exchange market and the Cedi; and
- This week’s visit of the World Bank VP for Africa.
Mr. Speaker, and from the Holy Book’s Isaiah….
‘See, I am doing a new thing. Now it springs up. Do you not perceive it? I am making a way in the wilderness.”
We just want as a nation, to thank God for what He is doing.
Background
2. Mr. Speaker, you will recall that in section 12 of the 2019 Budget Statement and Economic policy, I stated that we were on course to completing the Extended Credit Facility with the International Monetary Fund. Well, Mr Speaker, I am glad to announce that it is now a mission accomplished!
3. Mr Speaker, Ghanaians, who have been the victims of poor economic decisions of the past, know all so well that the healing process has not been easy, it has been austere, it has been tough, it has been restraining, but it was necessary. It was necessary because what had been broken had to be fixed by the Akufo-Addo government.
4. In August 2014, the Mahama government was compelled by the outcome of its (homegrown policies) and economic management to turn to the IMF for a bailout. The market, indeed the business community, had lost confidence in the capacity of the then government to steer the economy, with the requisite competence, care and discipline, back on track.