IMF Programme Has Far-Reaching Implications For Ghanaian Workers - Deputy Finance Minister

Achieving the objectives of the International Monetary Fund (IMF), programme is expected to have a far reaching implications on the economy including the welfare of Ghanaian workers, the Deputy Minister of Finance, Abena Osei Asare has said.

According to her the objective of the programme is to promote macroeconomic stability, ensure price stability, lower inflation and safeguard the purchasing power of Ghanaian workers.

She made this statement at an organized Labour Policy Forum in Accra. The forum organised by the Trade Union Congress (TUC), in partnership with Friedrich Ebert Stiftung (FES), discussed the state of Ghana's economy and the implications of the extension of the IMF programme for workers.

She further indicated that Ghana entered into the three year extended credit facility programme with the IMF in 2015 and with the aim to restore debt sustainability and macroeconomic stability.

"The programme was also to foster a return to high growth and job creation while protecting social spending," Abena Asare averred.

"But in 2016, the fiscal consolidation path agreed with the IMF was not adhered to resulting in the deviation from the programme target," she explained.

However, the programme was extended to cover the 2018 budget

The implementation of the ongoing government flagship programme such as Planting for Food and Jobs, One District, One Factory among others will enhance the Gross Domestic Product (GDP), growth and help create descent jobs for the people, especially the youth, she noted.

She however, reiterated government's commitment to deepening the partnership with organised labour while ensuring that issues related to taxation on the minimum wage are being addressed.

Resident Director FES, Fritz Kopsieker in his welcome address called for a safer and better working conditions for workers.

Members advised government to rule out strategies that will ban the importation of goods on the market, but Abena Asare, quickly responded that such measures could only be taken If the local industries are able to produce enough to meet market demand.