Graphic Business News

Never again! • Ken Ofori-Atta vows, as Ghana exits IMF programme in Dec

By: Emmanuel Bruce
Mr Ken Ofori-Atta

IN a bid to consolidate the gains that have been made under the International Monetary Fund (IMF) programme, the Finance Minister, Mr Ken Ofori-Atta, has revealed plans to back the reforms with legal and institutional measures to ensure the irreversibility of the gains made so far.
As the government exits the programme in December 2018, Mr Ofori-Atta said these measures were to ensure that never again would the country approach the Bretton Woods institution for a bailout.
“We are grateful to the IMF and are determined to maintain a combination of economic discipline and vibrancy that will ensure that we will not have to be rescued in that manner in the future,” he said.
Presenting the 2019 budget in Parliament, he said the measures would include the legislation of a fiscal responsibility rule to cap the fiscal deficit to not more than five per cent of Gross Domestic Product (GDP); strictly enforce the PFM Act to promote efficient and effective public financial m