The Private Enterprise Federation (PEF) wants government to utilize opportunities under the extension of the IMF program to grow the private sector.
PEF believes the extension should be able to influence growth to boost businesses and not prevent employment opportunities.
“What we are going to undertake; is that a new criteria? Is that a new platform or a perpetration or continuation of the one that we are undertaking? So is that an extension or a new program or a variation of that that has been extended? That we need to see and understand,” Chief Executive Officer of PEF, Nana Osei Bonsu said.
Government has extended the IMF program to April 2019 instead of April 2018 to enable it meet set targets.
Discussions between government officials and that of the fund in Washington led to an approval for an extension which was requested for by Ghana.
The disbursement of 94.2 million dollars was also approved making it the fourth disbursement under the extended credit facility program.
Total disbursements under the arrangement is about US$565.2 million with the remainder to be disbursed after other reviews.
This has led to a stir up from business groups as they believe the IMF program hampers employment opportunities among others.
Speaking to Citi Business News, Nana Osei Bonsu said the extension must be adjusted to bring growth to the industrial sub-sector.
“When you talk about trade you can only trade what you produce and if you are not producing enough you cannot trade. So definitely we are all experiencing the slow growth of the private sector so if we are going to continue, then we don’t anticipate any growth of any meaningful measures. So we think that it should be in a way that it can influence growth” he stated.
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana