Accra, February 6, 2016 - An eleven-member IMF Mission, currently in the country has paid a courtesy call on the Minister for Finance, Hon. Ken Ofori-Atta today.
The IMF Team was led by Joel Toujas-Bernate and Natalia Koliadina, the IMF Resident Representative in Ghana.
In his address, the Mission Chief, Mr. Joel Toujas-Bernate stated that the main objective of the Mission was to engage with the new government on their policies and programmes, take stock of the latest developments and apprise government on how the IMF program implementation has gone so far.
He said although the IMF knew the risks involved when entering into the programme with Ghana, especially those relating to election year overruns, they were quite concerned about the current fiscal deficit situation, hence the need by the current government to restore macro-economic stability and entrench fiscal discipline.
Hon Minister welcomed the team and assured them of government’s commitments to the Fund programme. He said government was seriously concerned with the high deficit as it does not allow enough fiscal space to undertake growth projects and create jobs, two key priority areas of government.
He reiterated Government’s resolve to ensuring fiscal discipline and protecting the public purse adding during the recent budget hearings, MDA’s were briefed and given copies of the PFM Act.
Hon Minister said government was committed to undertaking reforms in revenue management, exemptions regime, statutory funds and removal of nuisance taxes to propel growth.
Senior Minister, Hon. Osafo-Marfo stated that Ghana’s current economic problem was solvable and expressed Governments commitment to work together with the IMF to put Ghana on the right path adding, “the problem is solvable and doable”.
He debunked erroneous impressions of election year budget overruns as untrue since in 2004, Ghana’s deficit was less than 5%.
Present were the Chief Director of MoF, Mr. Patrick Nomo; Governor of the Bank of Ghana, Dr. Abdul-Nashiru Issahaku; Hon. Kweku Kwarteng, MP; Mr. Charles Adu Boahen, member of the Transition Team; and some Directors of MoF. END
