Accra, Monday 11th October, 2021 - Minister for Finance, Ken Ofori-Atta has stated that the continent could free itself from unnecessary poverty through effective collaboration and knowledge sharing among the African Leaders and nations.
He made this known when he hosted the Gambian Minister for Finance and Economic Affairs, Hon. Mambury Njie and his delegation from the Ministry of Finance and Economic Affairs of the Gambia who are in the country for a 5-day study tour.
The study tour is to provide the delegation with the necessary exposure to national development models and experiences, best practices and skills that would further strengthen their capacities in fulfilling their functions in meeting the development aspirations of their country.
He expressed his gratitude to the delegation for choosing Ghana as a preferred country for the study tour and noted that, the time had come for African leaders to stand for Africa and recognize that their roles were crucial in eliminating unnecessary poverty.
Mr. Ofori-Atta noted that, it was a blessing to be able to serve, learn and make friends with the Gambian officials and added his willingness to send staff of the Ministry of Finance, Ghana to the Gambia after the study tour to assist in a specific intervention they may want to implement.
Ghana, he revealed, exited the IMF Extended Credit Facility through sound economic policies and prudent interventions making way for massive youth employment over the last few years.
“Following Ghana’s completion of the Extended Credit Facility Programme in 2019, Ghana’s relationship with the IMF is managed within the limits of Staff Visits; Article IV Consultations; and Technical Assistance,” Mr. Ofori-Atta said.
According to the Minister, Ghana’s success in restoring macroeconomic stability through the institution of irreversibility structures included; the establishment of the Fiscal Responsibility Act (FRA) thresholds of a deficit of no more than 5% of GDP and positive primary balance; the establishment of the Fiscal Responsibility and Financial Stability Councils; the development of an MOU between the Ministry and the Central Bank to ensure Zero Central Bank Financing; the establishment of a Fiscal Risk Unit in the Ministry; and the institutionalization of the Economic Policy Coordinating Committee.
The Minister stated that one of the most important factors for the Ministry's success story, which had drawn the attention of the international community, was the sense of working as a unit, sharing ideas, speaking one language, and reliance on God.
“We are the Midwives of the country and so the sense of providing effective and timely support to our colleague ministers so they can perform well is always paramount in all our deliberations,” he added.
He assured the delegation that adequate arrangements had been made with respective institutions for the smooth organization of the study tour.
On his part, the Gambian Minister for Finance and Economic Affairs, Hon. Mambury Njie expressed his delegation’s gratitude for the warm welcome accorded them.
The intent of the visit, the Minister said, was to learn best practices in economic management strategies adopted by the Government of Ghana.
He said the visit was so timely as the Gambian Government was about to develop a new programme called National Development Plan that needed long-term structures that could be linked to the Region’s Africa Continental Free Trade Agreement.
“The ‘WISER’ Ghana initiative is a very interesting programme, we have looked at it closely and we believe that looking at what you have been able to do for yourselves, we can learn from each other in the spirit of cooperation” Mr. Njie added.
The delegation in the coming days would engage officials of the Ghana Revenue Authority, Ghana Statistical Service, SSNIT, National Development Planning Commission, (NDPC), and the Ministry of Food and Agriculture.
Present at the meeting were Minister of State, Hon. Charles Adu Boahen, Deputy Ministers for Finance, Hon Abena Osei-Asare, and Hon. John Kumah, Chief Director, Mr. Patrick Nomo and other Directors of the Ministry and officials of the Ministry of Finance and Economic Affairs of the Gambia.
The WISER Ghana refers to the Ghana Beyond Aid vision which has been branded as WISER Ghana, W stands for wealthy Ghana, I, Inclusive, S, sustainable, E, empowered and R, resilient Ghana. END