'Extension Of IMF Economic Programme In The Best Interest Of Ghana'

The Civil Society Platform has commended government and the International Monetary Fund (IMF) for extending country’s program with the Fund.

According to a statement issued by the platform, the programme extension is in the best interest of the country, as it will “afford government time to work towards attaining the overall programme objectives of restoring debt sustainability and macroeconomic stability as well as foster a return to high growth and job creation, while protecting social spending.”

Admittedly, “the programme extension in itself will not translate into successful completion unless the Government is committed to fiscal discipline and good governance” the civil society group for the IMF added.

“Above all, we believe effective implementation of the current arrangement with the IMF will strengthen the country’s own institutions of fiscal restraint, regain policy credibility as well as chart new sustainable pathways so that Ghana, hopefully, will no longer revert to the IMF for another Fund-supported programme,” the Fund noted.

Finance Minister, Ken Ofori-Atta
The IMF is a statement, last week noted that “the Board approved Ghana’s request for waivers of non-observance of performance criteria, and modification of one performance criterion; and the extension of the arrangement by one year”.

This was after the Board completed the fourth review of the arrangement under the Extended Credit Facility.

This enabled the disbursement of SDR 66.42 million (about US$94.2 million), bringing total disbursements under the arrangement to SDR 398.52 million (about US$565.2 million), with the remainder being tied to the remaining reviews.

The Board also approved Ghana’s request for waivers of non-observance of performance criteria, and modification of one performance criterion; and the extension of the arrangement by one year.