This according to him has made it necessary for the government to consider alternatives in addressing deficits and maintain a sound economy for businesses to thrive.
The comment by Mr. Ken Ofori-Atta is a sharp contrast to some suggestions that the government will reconsider an extension of the extended credit facility program after the initial April 2018 deadline.
He made the remarks during a press briefing as part of an IMF mission to Ghana for the fund’s Article IV consultations with Ghana.
“We are still expecting to end in April which will lead to some very tough decisions with regards to where we want to go with our deficit in the coming budget and how we build up the stock of private sector savings or infusion of investments from outside and be able to project that,” he stated.
Senior Minister, Yaw Osafo Maafo had indicated that the NPP government will review the deal with the IMF.
Also, Monitoring and Evaluation Minister, Dr. Anthony Akoto Osei has given indication that the government may consider an extension of the agreement to the end of 2018.
The IMF recently told Citi Business News though it is yet to receive any official request for an extension, it will consider the request should the government come up with it.
Meanwhile the Chief of the IMF Mission on the Article IV consultations, Analisa Fedelino said,
“It is quite normal for an extension…the road to economic reform is bumpy and there is also a political change so certainly affects the program.”
Ghana in 2015 entered into a three year agreement for 918 million dollars to among others restore macroeconomic stability.
By: Pius Amihere Eduku | Citibusinessnews.com | Ghana