IMF team set for Feb visit

Finance Minister-designate, Kenneth Nana Yaw Ofori-Atta has hinted that a team from the International Monetary Fund is expected to visit the country in the first week of next month to begin discussions on possible review of the ongoing programme with Ghana.

This, according to the Mr. Ofori-Atta, has become necessary because IMF itself has given indication that it will open discussions on renegotiating of aspects of the deal as some benchmarks have been missed in the 3-year External Credit Facility (ECF) with the government of Ghana.

“The government of Ghana according to data available has not been able to keep a 5.2 percent fiscal deficit target as set by the fund. The country’s current deficit is hovering around 8 to 9 percent,” the Fund said.

“It is time to look at it again and assess where we want to go. The first visit is in February, we will be firm on what has to be done on fiscal stability,” Mr. Ofori-Atta told a parliamentary committee during his vetting as finance minister.

Ghana in 2015 signed a US$918 million Extended Credit Facility programme with the IMF which aims to restore debt sustainability and macroeconomic stability all to foster a return to high growth and job creation, while protecting social spending.

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