IMF negotiations: Ghana needs a viable domestic financial system to support its development programme – Ken Ofori-Atta

The Minister of Finance, Ken Ofori-Atta has disclosed that Ghana has not reached an agreement with the International Monetary Fund (IMF) for a support programme yet.

According to him, Ghana needs a viable domestic financial system to support its development programme.

“..we simply have not reached any agreement with the Fund on the parameters of any debt operations as we are in the process of completing the debt sustainability analysis. Government shall continue to actively engage all stakeholders in a clear and transparent manner as we seek to fast-tract the IMF negotiation process.

“Ghana needs a viable domestic financial system to support its development programme, especially in these three years with limited access to the International Capital Market,” Finance Minister Ken Ofori-Atta said at a press briefing in Accra on Wednesday, September 28.

During the engagement with the media, the Finance Minister assured Ghanaians government is determined to protect the financial sector.

He said the government will engage stakeholders to come up with mutually beneficial arrangements that will protect the financial sector.

“Therefore, everything must, and will be done, to protect our financial sector; and there must be room for a win-win conversation through extensive stakeholder engagement with both our domestic and external investors. Ghana has always had a collaborative approach with its partners and we shall, I am confident, come out with an historic arrangement,” Ken Ofori-Atta said.

The Finance Minister is part of the government of Ghana team engaging IMF officials this week.

The engagement which forms part of the second phase of talks with the IMF for a support programme started on Monday, September 26, and is expected to last 10 days.