IMF endorsement of 2015 budget shows Ghana is on track - Mona Quartey

Deputy Finance Minister, Mona Quartey has said the International Monetary Fund's endorsement of the 2015 budget shows that the country is on track with policies aimed at stabilising economy in the short term.

She said “I am glad and delighted that we are making progress towards the programme, so I'm glad we got a thumbs up”.

The deputy minister said she hopes the development will translate into an approval for the country to go into, perhaps, a three year programme after it consults with its board before the end of the year.

The IMF has welcomed what it said are important measures Ghana has employed in the 2015 budget, to reduce the fiscal deficit and properly manage government's finances among others.

This was contained in a statement the IMF released on Friday after discussions on a financial assistance programme for Ghana. The IMF said it particularly welcomes plans by government to reduce the budget deficit by about 3.5% of GDP.

According to the IMF the 2015 budget includes some “important measures to increase revenues, to eliminate distortive and inefficient energy subsidies, and to contain growth in Ghana's comparatively high public wage bill.”

Ms Quartey said the endorsement by the IMF should not be surprising because it has since inception agreed with its home grown policies and is certain that with all the measures the ministry has put in place, the citizenry will not find things difficult when a three year programme is approved.  

Meanwhile, the IMF has noted from their assessment that Ghana could only secure a financial package for a fund programme, when most of the measures outlined in the budget are implemented.

In a related development, Finance Minister, Seth Terkper has indicated that he might present a revised budget to parliament next year when Ghana completes negotiations with the IMF.