The government may be starting a three-year programme with the International Monetary Fund (IMF), but according to Finance Minister Ken Ofori-Atta, the administration plans to finish the programme in just two years.
He asserts that he is confident Ghana will be able to successfully complete this programme in a record amount of time while meeting all established goals.
We may be considering a three-year programme, but you may recall that we inherited one in 2017 that ended in April 2019 for the second and third years. He stated on JoyNews' PM Express Business Edition, "We anticipate doing this as well as well.
His remarks follow assertions made by policy analysts that the government's failure to implement the structural policies of the IMF in the last IMF programme it departed is a major contributing factor to the nation's budgetary difficulties.
Bright Simons, a policy analyst, claims that the government failed to reach several structural targets that were necessary for the programme to finish in 2019 and chose exemptions instead, promising the IMF that it would satisfy those standards independently outside of the programme.
Bright Simons remarked that, regrettably, all but two of the structural goals were not achieved. The Finance Minister is hopeful that this scheme will also be finished in two years, though. Considering that we must have accomplished the majority of our goals within two years, he continued, "a three-year programme may be appropriate."
In addition, Ken Ofori-Atta expressed his anticipation that Ghana will get a facility between $2 and $3 billion during the course of its IMF subscription, taking into account the country's GDP growth over the years.
"Well, you don't know, the evaluation is still ongoing. The previous time, we had roughly a billion dollars for the three-year programme. We may get a slight increase in our quota now that our GDP has increased to around $591 billion. And we anticipate anything, maybe two, three, or so billion during the term, before getting back In order to maintain the equilibrium, he suggested the market and friendly sovereigns.
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